Titan Q1 net profit jumps by 38% to Rs 328 crore

Tata Group firm Titan on Friday has reported a jump of 37.9% in its net profit to Rs 328.15 crore in the first quarter ended June 30, 2018.

The company had recorded a net profit of Rs 237.97 crore in the corresponding quarter last fiscal year.

The revenue of the company jumped by 8.1% to Rs 4,406.57 crore in the quarter under consideration, against Rs 4,078.09 crore in the corresponding quarter last fiscal year.

The jewellery division recorded an income growth of 6.3% in the first quarter, pegged at Rs 3,425.15 crore in Q1 FY19, against Rs 3,358.05 crore in Q1 FY18.

The watches business grew from Rs 518.58 crore in the first quarter of last fiscal year to Rs 596.26 crore in June 2018 quarter, recording a growth of 15%.

Retail expansion of the company continued with a net addition of 27 stores across all its businesses in the first quarter, ending the period with a retail area of over 1.95 million sq feet nationally. The company's retail chain strength stood at 1,520 stores at the end of the quarter.

"All our core businesses have shown a healthy growth in profit in addition to market share gains...Despite the single digit revenue growth of our jewellery business in the first quarter, the profits grew by a healthy 16%," Titan Company Managing Director Bhaskar Bhat said.

He added that the company has put together plans to stimulate demand for all its product categories through innovative advertising campaigns and new product launches in the coming quarters.

Shares of Titan Company on Friday settled at Rs 918.30 apiece on the BSE, down 0.26% from previous close.