Titan Company Ltd has reported an increase of 65.6 per cent in its consolidated net profit to Rs 568 crore for the fourth quarter ended March 31, helped by a strong growth in jewellery segment. It had posted a net profit of Rs 343 crore in the January-March 2020 quarter, the company said.
Its total income during January-March 2021 jumped 58.87 per cent to Rs 7,551 crore, compared with Rs 4,753 crore in the year-ago period.
The company’s revenue from jewellery segment was at Rs 6,678 crore in the March 2021 quarter, up 71.27 per cent as against Rs 3,899 crore of the corresponding quarter.
However, it also added that the base quarter (March 2020 quarter) was weak due to lockdowns in second half of March.
Watches & wearables and eyewear divisions have also made good progress on recovery during the year, it said.
“It was the highest-ever revenue (excluding bullion sale) recorded by the company for a quarter,” it said.
For the financial year 2020-21, Titan’s net profit was down 34.8 per cent to Rs 974 crore. Total income was Rs 21,830 crore, up from Rs 21,205 crore in 2019-20.