Titan's net profit down 1.5 pc to Rs 343 cr in Mar quarter

Tata group firm Titan Company Ltd on Monday reported a marginal fall of 1.50 per cent in its consolidated net profit to Rs 343.07 crore in the fourth quarter ended March 2020. It had posted a net profit of Rs 348.30 crore in the March quarter of the previous financial year, Titan Company said in a regulatory filing.

Its revenue from operations during the March 2020 quarter stood at 4.27 per cent to Rs 4,617.31 crore, compared with Rs 4,823.49 crore in the corresponding period of the previous financial year. "The company was impacted significantly in the second half of March 2020 due to the COVID-19 pandemic with shutting down of all stores," the company said in a post-earning statement.

Titan's total expenses stood at Rs 4,243.87 crore, down 5.55 per cent as against Rs 4,493.60 crore in the fourth quarter of 2018-19. Titan Managing Director C K Venkataraman said, "The company's good performance across divisions in the first two months of the quarter was negated considerably by the COVID-19 pandemic in the second half of the March 2020 quarter." Its revenue from the watch segment was at Rs 558.26 crore, up 5.09 per cent as against Rs 531.19 crore.

Revenue from jewellery was down 5.01 per cent to Rs 3,899.30 crore, against Rs 4,105.37 crore. Eyewear was at Rs 107.71 crore, down 15.67 per cent as compared with Rs 127.73 crore of the corresponding quarter.

For the full financial year 2019-20, Titan's net profit was up 7.49 per cent to Rs 1,492.66 crore. It was Rs 1,388.65 crore in the previous year. Its revenue from operations in the financial year 2019-20 was Rs 20,767.70 crore, up six per cent as against Rs 19,592.06 crore in 2018-19.

Shares of Titan Company Ltd on Monday settled at Rs 1,019.50 apiece on the BSE, up 2.87 per cent from the previous close..