Titan Q4 net up 14 pc at Rs 348 cr

Tata Group firm Titan Company Wednesday posted a 14.41 per cent increase in consolidated net profit at Rs 348.30 crore for the the fourth quarter of 2018-19.

The company had reported a net profit of Rs 304.41 crore for the corresponding period of the 2017-18 financial year.

Total income increased to Rs 4,945.06 crore for the quarter under review as compared to Rs 4,125.69 crore in the same period of 2017-18, Titan Company said in a regulatory filing.

For 2018-19 fiscal, the company posted a net profit of Rs 1,388.65 crore as against Rs 1,101.91 crore in 2017-18.

Total income during the last fiscal rose to Rs 19,961.46 crore from Rs 16,244.81 crore in 2017-18.

"The growth momentum of the past few years continued in 2018-19 backed by the strong revenue as well as profit growth across all key divisions," Titan Company Managing Director Bhaskar Bhat said.

The jewellery business grew through successful launch of design differentiated collections as well as tailwinds provided through regulatory developments over the last couple of years like GST, he added.

"The watches business had a great year too with the recrafting strategy resulting in the highest topline growth in recent years, a jump in margins and the highest ever profit," Bhat said.

The eyewear business recorded a strong growth of 23 per cent with the new pricing strategy showing results, he added.

"Skinn, our perfume brand as well as Taneira, Indian dress wear brand are scaling up in the coming year. Many steps are being taken to prepare the company for the future and set a foundation for healthy growth in the years to come," Bhat noted.

The company's board recommended a dividend of Rs 5 per share of Re 1 each.

Titan shares Wednesday ended 0.23 per cent up at Rs 1,088.35 on the BSE, ahead of the announcement of its results.