Titan Q1 net up 31% to Rs 349.17 crore

Tata Group firm Titan Company today reported a 30.81 per cent jump in standalone net profit to Rs 349.17 crore for the first quarter ended June 30, 2018.

The company had reported a net profit of Rs 266.91 crore in the April quarter a year-ago.

Total income during the quarter under review stood at Rs 4,354.52 crore. It was Rs 4,054.23 crore in the corresponding period last fiscal, Titan said in a BSE filing.

Titan said revenue from operations for the period up to June 30, 2017, includes excise duty on goods sold.

"With the implementation of Goods and Service Tax (GST) in India with effect from July 1, 2017, excise duty has subsumed into GST, and hence, revenue from operations for the period from July 1, 2017, does not include excise duty," it added.

"All our core businesses have shown a healthy growth in profit in addition to market share gains...Despite the single digit revenue growth of our jewellery business in the first quarter, the profits grew by a healthy 16 per cent.

"The company has put together plans to stimulate demand for all its product categories through innovative advertising campaigns and new product launches in the coming quarters," Titan Company Managing Director Bhaskar Bhat said.

During the quarter, Titan said its jewellery division recorded an income growth of 5.6 per cent.

"The income from this division in first quarter was Rs 3,572 crore as against Rs 3,381 crore last year," it added.

Titan watches business grew by 14.9 per cent Rs 594 crore in April-June quarter of this fiscal from Rs 517 crore in the corresponding period of the previous fiscal.

The company's eyewear business grew by 16.4 per cent to Rs 132 crore in the quarter under review, it added.

Shares of Titan Company today settled at Rs 918.30 apiece on BSE, down 0.26 per cent from previous close.