The fourth quarter consolidated net profit of Tata group firm Trent Company rose by 66 per cent to Rs 568 crore ($76.7 million) as against Rs 343 crore it posted in the corresponding quarter last year.
As per Fashion Network, the company’s total income during the quarter rose by 59 percent to Rs 7,551 crore, as against Rs 4,753 crore in the year-ago period.
However, for the financial year 2020-21, Titan's net profit declined by 35 percent to Rs 974 crore from last year’s Rs 1,493 crore while its total income for the year grew by 3 percent to Rs 21,830 crore from Rs 21,205 crore in 2019-20.
While the profits before tax and exceptional items for the year are lower than the previous year, mainly due to the impact of the pandemic on the business mix, the company did exceptionally well on the cost optimization program and cash generation front, says CK Venkataraman, Managing Director, Titan. It has also become stronger in each of its business segments, he adds.
By the end of the fourth quarter, Titan Ltd had f 1,909 stores with a retail area crossing 2.5 million sqft for all its brands covering 303 towns.