Titan Company Ltd has reported an increase of 65.6 percent in its consolidated net profit to Rs 568 crore for the fourth quarter ended March 31, helped by strong growth in jewellery segment. The Tata group firm had posted a net profit of Rs 343 crore in the January-March 2020 quarter.
The company’s total income during January-March 2021 jumped 58.87 percent to Rs 7,551 crore, compared with Rs 4,753 crore in the year-ago period.
Titan’s revenue from jewellery segment was at Rs 6,678 crore in the March 2021 quarter, up 71.27 percent as against Rs 3,899 crore of the corresponding quarter.
However, it also added that the base quarter (March 2020 quarter) was weak due to lockdowns in the second half of March.
Watches, wearables, and eyewear divisions have also made good progress on recovery during the year, the company’s statement said.
"It was the highest-ever revenue (excluding bullion sale) recorded by the company for a quarter," it added.
Titan's total expenses were at Rs 6,821 crore, up 60.72 percent as against Rs 4,244 crore a year ago.
For the financial year 2020-21, Titan's net profit was down 34.8 percent to Rs 974 crore. It was Rs 1,493 crore in the previous year.
The firm's total income was Rs 21,830 crore, up 2.94 percent. It was Rs 21,205 crore in 2019-20.