Tata group’s watch and jewellery major Titan on Thursday reported a record quarterly and yearly consolidated net profit for fiscal 2017-18.
“Net profit for the fourth quarter zoomed 70 per cent year-on-year (YoY) to Rs 304 crore from Rs 179 crore in the same period year ago and 8 per cent sequentially from Rs 282 crore quarter ago,” said the city-based firm in a statement here.
For the fiscal (FY 2018), net profit shot up 58 percent YoY to Rs 1,105 crore from Rs 699 crore in fiscal 2016-17 (FY 2017).
Consolidated sales revenue for the quarter under review (Q4) increased 11.6 percent YoY to Rs 4,060 crore from Rs 3,637 crore in the like period year ago but declined 5.8 percent sequentially from Rs 4,312 crore quarter ago.
Consolidated sales revenue for the fiscal under review (FY 2018) increased 20 percent YoY to Rs 15,983 crore from Rs 13,308 crore year ago (FY 2017).
“The fiscal 2017-18 was remarkable in terms of business despite the changing environment and regulatory moves like the Goods and Sales Tax (GST) since July 1, 2017,” said the company in the statement.
The jewellery business grew 24 percent YoY to Rs 13,036 crore for the fiscal on diamond activation and huge response to the revised gold exchange policy from customers.
The watches business, however, had a muted growth of 3.5 percent to Rs 2,126 crore due to the impact of GST on top-line.
Eyewear sales were flat at Rs 415 crore due to GST on sunglasses, while sale of accessories, fragrances and sarees grew 46 percent YoY to Rs 95 crore.
“We had top-line and bottom-line growth in the jewellery and watches business. The jewellery business was up in revenue growth and profitability. The business also gained from tailwinds provided by regulatory developments like the GST,” the statement quoted Bhasakar Bhat, Managing Director, Titan.
The company’s board decided to pay Rs 3.75 per share of Rs 1 face value or 375 per cent for the fiscal (FY 2018).