Tata Group firm Titan Company Ltd reported a 96.84 per cent increase in consolidated net profit to Rs 237.97 crore for the first quarter ended June 30 led by robust sales in its jewellery division.
Total income was at Rs 4,049.57 crore, up 42.56 per cent, during the period under review as against Rs 2,840.56 crore in the corresponding period last fiscal. "Driven by the jewellery business, our profit saw an outstanding growth this quarter," said Titan Managing Director Bhaskar Bhat.
Total expenses were at Rs 3,696.70 crore, up 43.54 per cent, as against Rs 2,575.36 crore in the corresponding quarter of the previous fiscal. During the quarter, Titans revenue from watch segment was at Rs 511.80 crore, up 2.41 per cent, as against Rs 499.74 crore in June quarter of last fiscal. Jewellery segment was up 55.87 per cent during the quarter under review to Rs 3,352.21 crore as against Rs 2,150.59 crore, it added.
"Our jewellery business has delivered a stellar performance in the first quarter due to a combination of one of the best Akshaya Tritiya sales, a successful gold exchange programme as well as an element of advancement of sales in June 2017 in anticipation of higher GST rates," he said.
Shares of Titan Company Ltd settled at Rs 557.55 on BSE, up 0.84 per cent from previous close.
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