Titan Falls Over 2% After Net Profit Drops 11% In December Quarter


2021-02-11 07:43:33

Titan Falls Over 2% After Net Profit Drops 11% In December Quarter

Titan Company Share Price: Shares of Tata-group owned Titan Company declined more than two per cent to Rs 1520.35 on the BSE a day after it reported December quarter earnings of the current financial year. The maker of watches, jewellry, and eyewear posted an 18 per cent increase in revenue, however, net profit slipped 11 percent to Rs 419 crore in the third quarter. According to the company’s regulatory filing to BSE, the total income for the nine months ending December 2020 was Rs. 13,614 crores (including bullion sale of Rs. 1,332 crores), against the income of Rs. 15,687 crores in the year-ago period.

While the jewellery business grew by 16 per cent (excluding gold bullion sales) over the year-ago quarter, the watches, wearables, and eyewear divisions posted a recovery rate of 88 per cent and 93 per cent respectively. The festive season growth led the company to its highest ever quarterly profit with profit before tax and exceptional items of Rs. 765 crores, compared to Rs. 637 crores in the previous year, a growth of 20 per cent for the quarter.

“We are very pleased to see the return to growth in top line for the company and the recording of the highest ever profits in any quarter in the midst of the pandemic that has hit the world so hard. The recovery witnessed has been significantly better than what we had hoped just a few months back. It is the innovativeness and the untiring efforts of the employees and all business associates along with the positive consumer sentiment that has made this possible. We believe the focus on productivity and cash generation will help improve the company’s margins in the future,” said C K Venkataraman, Managing Director, Titan Company.

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