Titan back in black in Q1FY22, posts consolidated net profit of Rs 18 cr

Tata group firm Titan Company Ltd on Wednesday reported a consolidated profit of Rs 18 crore for the June quarter, helped by higher income. The company had reported a net loss of Rs 297 crore in the corresponding period of the preceding fiscal. Total income during the quarter under review stood at Rs 3,519 crore. It was Rs 2,020 crore earlier, Titan said in a regulatory filing.

The company said its higher revenue in the first quarter of the current fiscal was "primarily driven by the base effect of zero sales in April last year."

Titan Company Managing Director C K Venkataraman said, "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."

"The learnings and experience of the past year helped us navigate this quarter's turbulence much more efficiently," he added.

Titan said its jewellery division is gaining good traction in new customers and its mix in total buyers has reached the pre-pandemic levels. Titan's jewellery division recorded an income of Rs 2,467 crore for the quarter as compared to Rs 1,182 crore in the same period last year. The watches and wearables business recorded an income of Rs 292 crore as against Rs 75 crore earlier.

The eyewear business income stood at Rs 67 crore, compared to Rs 30 crore in the same period last year. The other segments of the company comprising Indian dress wear and accessories recorded an income of Rs 14 crore as against Rs 4 crore earlier. Shares of Titan Company Ltd settled 2.14 per cent lower at Rs 1,799.80 apiece on the BSE.