Tata Group firm Titan Company reported a nearly four-fold surge in consolidated net profit at $85.58 mn for the September quarter compared with $23.10 mn in the same quarter last year.
Consolidated sales for the quarter grew 75.50 per cent YoY to $967.02 mn compared with $551.00 mn in the same quarter last year. The company’s revenue excluding bullion sales grew 78 per cent YoY, riding on the strong recovery in demand across its consumer businesses.
The jewellery division witnessed demand resurgence, registering a 77 per cent hike in income to $815.22 mn compared with $460.08 mn in the year-ago quarter. The numbers excluded bullion sales in both periods.
Managing Director CK Venkataraman said: "Titan's strong growth this quarter was underpinned by demand recovery being witnessed in all segments. Our stores were fully operational, returning to pre-pandemic normalcy in most parts of the country with a continued focus on health and safety of our customers, business partners and our employees."
“Titan's store expansions gained traction during the quarter, which was partially disrupted in the pandemic period. Titan's strong digital presence combined with trusted offline experience gives a positive outlook for the overall performance of the company for the rest of the fiscal year”, he added.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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