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Titan Company net profit rises 40% to Rs 736 crore in March quarter

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Consolidated total income during the quarter under review stood at Rs 10,474 crore as compared to Rs 7,872 crore in the year-ago period

New Delhi: Tata group firm Titan Company Ltd on Wednesday reported a 40 per cent rise in consolidated net profit at Rs 736 crore in the fourth quarter ended March 2023.

The company had posted a consolidated net profit of Rs 527 crore in the same quarter in 2021-22, Titan Company Ltd said in a regulatory filing.

Consolidated total income during the quarter under review stood at Rs 10,474 crore as compared to Rs 7,872 crore in the year-ago period, it added.

Total expenses were higher at Rs 9,486 crore, from Rs 7,165 crore in the fourth quarter last fiscal, the company said.

During the March quarter, the jewellery segment had a total income of Rs 7,576 crore, up 24 per cent, compared to Q4FY22, with India business growing 21 per cent.

Watches and wearables business recorded a total income of Rs 871 crore, up 40 per cent, compared to Q4FY22 on the back of a strong growth in analog watches segment and multi-fold increase in wearables, the company said.

The eyecare vertical had a total income of Rs 165 crore, a growth of 23 per cent compared to the year-ago period, it added.

For the fiscal ended March 31, 2023, Titan said its consolidated net profit rose 49 per cent at Rs 3,274 crore as against Rs 2,198 crore in 2021-22.

Consolidated total income for FY23 stood at Rs 40,883 crore over Rs 29,033 crore in FY22.

“The year gone has witnessed several firsts in the history of Titan. The jewellery, watches and wearables, and eyecare achieved landmark milestones of Rs 30,000 crore, Rs 5,000 crore and Rs 1,000 crore of annual consumer retail sales, respectively, for the first time in their retail journeys,” Titan managing director CK Venkataraman said.

The company said its board of directors at its meeting held on Wednesday has recommended a dividend of Rs 10 per equity share for the year ended March 31, 2023.

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