ETRetailRelated
MUMBAI: today reported a 48 per cent year-on-year rise in net profit at Rs 529 crore for the quarter ended March, which was slightly below analysts’ estimates of Rs 546 crore.
The company reported a 61 per cent growth in its revenue from operations at Rs 7,135 crore, which was higher than analysts’ expectations of 6,932 crore.
The company’s performance for the quarter was aided by the low base of the year-ago quarter, which was affected by the national lockdown in the last week of March 2020 and the general slowdown in the economy prior to the pandemic.
The company’s board also declared a final dividend of Rs 4 per share for the financial year ended March.
The company’s bread and butter jewellery division clocked growth of 70 per cent year-on-year at Rs 6,397 crore. “The jewellery division ran a diamond-studded promotion in the quarter and that led to good recovery of the studded segment of the business,” the company said in an exchange filing.
The jewellery division’s operating profit in the quarter rose 32 per cent on-year to Rs 703 crore, while the segment’s operating margin was at 11 per cent for the quarter. “The studded ratio continued to lag the previous year and with gold coins sales continuing to remain very high, margins in the jewellery business continued to be under pressure,” the company said.
Titan’s watches and wearables business recovered well in the quarter to record revenues of Rs 555 crore as against Rs 557 crores in the year-ago quarter. Even the eyewear segment recorded growth of 18 per cent in the reported quarter at Rs 127 crore.
On a sequential basis, the company’s performance was less than convincing as sales declined 2 per cent, likely reflecting the impact of the second wave in markets such as Maharashtra and Gujarat during March.
For the financial year ended March, the company’s total income declined 4 per cent to Rs 19,426 crore, while the net profit plummeted 42 per cent to Rs 877 crore.
Shares of Titan ended 0.3 per cent lower at Rs 1,504.35 on the National Stock Exchange today.
The company reported a 61 per cent growth in its revenue from operations at Rs 7,135 crore, which was higher than analysts’ expectations of 6,932 crore.
The company’s performance for the quarter was aided by the low base of the year-ago quarter, which was affected by the national lockdown in the last week of March 2020 and the general slowdown in the economy prior to the pandemic.
The company’s board also declared a final dividend of Rs 4 per share for the financial year ended March.
The company’s bread and butter jewellery division clocked growth of 70 per cent year-on-year at Rs 6,397 crore. “The jewellery division ran a diamond-studded promotion in the quarter and that led to good recovery of the studded segment of the business,” the company said in an exchange filing.
The jewellery division’s operating profit in the quarter rose 32 per cent on-year to Rs 703 crore, while the segment’s operating margin was at 11 per cent for the quarter. “The studded ratio continued to lag the previous year and with gold coins sales continuing to remain very high, margins in the jewellery business continued to be under pressure,” the company said.
Titan’s watches and wearables business recovered well in the quarter to record revenues of Rs 555 crore as against Rs 557 crores in the year-ago quarter. Even the eyewear segment recorded growth of 18 per cent in the reported quarter at Rs 127 crore.
On a sequential basis, the company’s performance was less than convincing as sales declined 2 per cent, likely reflecting the impact of the second wave in markets such as Maharashtra and Gujarat during March.
For the financial year ended March, the company’s total income declined 4 per cent to Rs 19,426 crore, while the net profit plummeted 42 per cent to Rs 877 crore.
Shares of Titan ended 0.3 per cent lower at Rs 1,504.35 on the National Stock Exchange today.
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 | Pauleen Montgomery46 minutes ago indulgence not happiness |