Tata group firm Titan Company Ltd witnessed a 66 percent rise in its consolidated net profit to Rs 568 crore ($76.7 million) for the fourth quarter ended March 31, as against Rs 343 crore it posted in the corresponding quarter last year.
The company’s total income during the quarter rose by 59 percent to Rs 7,551 crore, as against Rs 4,753 crore in the year-ago period.
However, for the financial year 2020-21, Titan’s net profit was down 35 percent to Rs 974 crore from last year’s Rs 1,493 crore while its total income for the year grew by 3 percent to Rs 21,830 crore from Rs 21,205 crore in 2019-20.
Commenting on the results, CK Venkataraman, managing director at Titan Ltd in a statement said, “The financial year ended March 2021 has indeed been a most testing one for the company with the pandemic hitting its operations very significantly, particularly in the first half of the financial year.”
“While the profits before tax and exceptional items for the year are lower than the previous year, mainly due to the impact of the pandemic on the business mix, the company did exceptionally well on the cost optimisation program and cash generation front. We have also become stronger in each of our business segments. We believe the experience of the past year will help the Company face future challenges even better,” he added.
Titan Ltd ended the fourth quarter with a store count of 1,909 stores with a retail area crossing 2.5 million sq ft for all its brands covering 303 towns.
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