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Titan Q1 net profit dips 4% to Rs 756 crore

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The company had posted a net profit of Rs 790 crore in the April-June period last fiscal

New Delhi: Leading jewellery and watchmaker Titan on Wednesday reported a 4% drop in its consolidated net profit at Rs 756 crore in the June quarter.

The company had posted a net profit of Rs 790 crore in the April-June period last fiscal.

Total income, however, rose to Rs 11,070 crore in the first quarter (Q1) of the current fiscal as against Rs 9,131 crore in the year-ago period, Titan Company Ltd said in a regulatory filing.

“The year has started well for us with double-digit revenue growth across business segments. The jewellery business remained the star performer with a 19% growth on a year-on-year basis,” Titan Managing Director C K Venkataraman said.

The company is pursuing market share gain across categories and investing in various capabilities and retail network expansion, he added.

“Our international foray is also shaping up well. We remain optimistic about our performance for the rest of the fiscal,” Venkataraman said.

Shares of the company on Wednesday ended 0.75% down at Rs 2,978.45 apiece on the BSE.

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