Titan posts 21% jumps in net profit to Rs 358 crore

Bengaluru: Tata Group-owned Titan Co’s net profit increased 21% to Rs 358 crore in the fourth quarter ended March 31, while revenue fell 5.5% to Rs 4,469 crore, the company said in a regulatory filing.

The maker of watches, jewellery, eyewear and apparel said business was impacted in the second half of March due to the lockdown wrought by the Covid-19 pandemic as stores shut down.

Its jewellery business saw sales decline 5.8% to Rs 3,754 crore, while the eyewear business dropped 17.4% during the quarter. Sale of watches, however, grew 4.9% to Rs 557 crore in the last quarter of the fiscal year 2019-20.


“The company’s good performance across all its divisions in the first two months of the quarter was negated considerably by the Covid-19 pandemic in the second half of March,” said CK Venkataraman, managing director of Titan Co.

“The company’s brand equity, balance sheet along with measures to eliminate wasteful expenditure are expected to help it prevail over the near term challenges,” he added.