Titan Q4 net profit up 71% at Rs 304 cr

Titan Q4 net profit up 71% at Rs 304 cr

Bhaskar Bhat, MD, Titan. DH Photo

Tata Group firm Titan on Thursday reported 70.86% increase in net profit at Rs 304.41 crore for the fourth quarter compared with Rs 178.16 crore during the same period a year ago.

The company's total income during the fourth quarter stood at Rs 4,125.69 crore, an increase of 11.72% compared with Rs 3,692.82 crore in the year-ago period.

For the full fiscal, the company reported 58% jump in net profit at Rs 1,101.91 crore compared with Rs 697.28 crore in the previous year. Its total income in the year stood at Rs 16,244.81 crore as against Rs 13,452.62 crore in 2016-17.

The Jewellery business of the company recorded a sale of Rs 13,036 crore, on the back of a very successful diamond activation as well as excellent reception to the revised gold exchange policy by customers. The income from Jewellery segment saw a growth of 24.3% in FY18, the company said.

Titan also announced the appointment of Noel N Tata, nominee of Tata Sons (co-promoter of the company), as Vice-Chairman of the Board of Directors.

Bhaskar Bhat, Managing Director of the Company said, "The Company achieved excellent topline and bottom line growth in the Jewellery and Watches business. The Jewellery business scaled new heights in terms of revenue growth and profitability. The business gained from tailwinds provided by regulatory developments like GST. The Watches business had a great year too with the recrafting strategy resulting in the highest topline growth in recent years, a jump in margins and the highest ever profit."

He added that the eyewear business went through a tough period, especially in the sunglass segment. The year witnessed aggressive expansion of its retail network with a net addition of 114 stores by watches, jewellery and eyewear businesses. As on March 31, 2018, the company had 1,480 stores, with over 1.9 million sq feet of retail space.

The Board of Directors has declared a final dividend of Rs 3.75 per equity share.