Titan net profit flat in 2013-14

Leading watch and jewellery retailer Titan Company Ltd posted Rs.741 crore net profit for the just-concluded fiscal 2013-14, registering a flat growth of 2.2 percent over 2012-13 at Rs.725 crore.

Income from sales for the fiscal under review, however, rose 8.1 percent year-on-year (YoY) to Rs.10,815 crore, with jewellary segment contributing Rs.8,632 crore and watches Rs.1,791 crore.

"Income from jewellery grew 6.5 percent YoY and watches 6.9 percent YoY, while precision engineering, a B2B business, eyewear and accessories grew 21 percent YoY to Rs.500 crore," the city-based company said in a statement here Tuesday.

Profit before tax was also flat at Rs.1,016 crore, up one percent over previous fiscal.

"2013-14 was challenging as the economic environment was subdued. We also witnessed other adverse factors like the regulatory changes that impacted our jewellery business," Titan managing director Bhaskar Bhat said in the statement.

The company added 125 stores to its retail network during the fiscal, taking the total to 1,078 stores across the country.

"We will continue to invest in strategic initiatives taking into account our long-term and suitable growth plans," Bhat added.