Titan, a Tata Group company, has reported a net profit of $9.17mn for the quarter ended June 2021, as against a net loss of $40.59 mn in the year-ago quarter. The jewelry company’s sales in the quarter jumped 74.5 per cent on a year-on-year basis to $488.37 mn aided by a low base in the year-ago quarter.
The jump in revenue for the quarter came despite a sharp decline in income from bullion sales to $63.73 mn as against $90.34 mn in the year-ago quarter. The jewellery division is gaining good traction in new customers and its mix in total buyers has reached the prepandemic levels. The company’s jewelry segment recorded sales of $370.82 mn as compared to $177.67 mn same period last year. The division’s earnings before interest and tax in the quarter came in at $31.11 mn in the quarter as against $8.11 mn of loss in the year-ago quarter as the company was better prepared for lockdowns in the second wave.
On the operating front, the company reported an operating profit of $21.65 mn for the quarter ended June as against an operating loss of $36.98 mn a year ago. “While we started the quarter with strong business momentum, the second wave of the pandemic severely disrupted it and we quickly shifted our priorities to health and safety of our employees, business associates, and customers,” said Managing Director CK Venkataraman.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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