Brands-To-Retail 06-08-2021 Hits: 2076

Titan makes a profit of Rs 18 crore in the first quarter

Brands-To-Retail 06-08-2021 Hits: 2076

5th Aug 2021, Mumbai:

Titan's jewelry segment earned Rs 2,467 crore in the third quarter, compared to Rs 1,182 crore in the previous quarter. Titan Company Ltd, a Tata group company.

It recorded a consolidated profit of Rs 18 crore for the June quarter on Wednesday, boosted by higher income. In the previous fiscal year's equivalent period, the firm recorded a net loss of Rs 297 crore.

The total revenue for the quarter under review was Rs 3,519 crore. Titan stated in a regulatory statement that the previous figure was Rs 2,020 crore. The greater revenue in the first quarter of this fiscal year was "mainly driven by the base impact of zero sales in April last year," according to the firm.

"While we started the quarter with good commercial momentum, the second wave of the pandemic badly interrupted it, and we swiftly turned our focus to the health and safety of our workers, business colleagues, and customers," stated Titan Company Managing Director C K Venkataraman. "We were able to handle this quarter's turbulence considerably more effectively because of the lessons learned and expertise gained over the previous year," he said. Titan's jewelry sector is finding momentum with new consumers, and its entire buyer mix has returned to pre-pandemic levels, according to the company.

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Titan's jewelry segment earned Rs 2,467 crore in the third quarter, compared to Rs 1,182 crore in the previous quarter. The watches and wearables division made a profit of Rs 292 crore, up from Rs 75 crore previously. The revenue from the eyeglasses sector was Rs 67 crore, up from Rs 30 crore in the same period the previous year. The company's other sectors, which include Indian dress wear and accessories, had a profit of Rs 14 crore, up from Rs 4 crore previously. Titan Company Ltd's stock fell 2.14 percent to Rs 1,799.80 a share on the BSE.

Titan Co.'s revenues get hit all over again by the pandemic