Nifty 17277.95 (0.75%)
Sensex 57858.15 (0.64%)
Nifty Bank 37706.75 (2.05%)
Nifty IT 34707.45 (-0.33%)
Nifty Financial Services 17789.8 (0.89%)
Adani Ports 711.10 (1.23%)
Asian Paints 3147.10 (-0.26%)
Axis Bank 752.20 (6.76%)
B P C L 382.55 (2.53%)
Bajaj Auto 3469.10 (2.57%)
Bajaj Finance 6963.75 (0.46%)
Bajaj Finserv 15528.95 (-1.13%)
Bharti Airtel 711.85 (3.18%)
Britannia Inds. 3539.30 (0.44%)
Cipla 905.65 (1.52%)
Coal India 161.15 (3.10%)
Divis Lab. 4049.20 (-0.18%)
Dr Reddys Labs 4402.85 (0.88%)
Eicher Motors 2692.00 (1.34%)
Grasim Inds 1721.30 (1.81%)
H D F C 2530.60 (-0.36%)
HCL Technologies 1123.70 (-0.11%)
HDFC Bank 1488.05 (0.09%)
HDFC Life Insur. 630.80 (0.51%)
Hero Motocorp 2782.05 (2.80%)
Hind. Unilever 2327.25 (1.87%)
Hindalco Inds. 485.75 (1.54%)
I O C L 121.45 (0.91%)
ICICI Bank 801.65 (0.40%)
IndusInd Bank 884.25 (3.88%)
Infosys 1722.15 (-0.84%)
ITC 214.30 (1.18%)
JSW Steel 631.15 (1.50%)
Kotak Mah. Bank 1854.65 (1.30%)
Larsen & Toubro 1925.30 (1.34%)
M & M 854.50 (-0.02%)
Maruti Suzuki 8602.60 (6.83%)
Nestle India 18790.75 (0.39%)
NTPC 135.30 (2.04%)
O N G C 165.15 (-0.33%)
Power Grid Corpn 218.85 (2.27%)
Reliance Industr 2373.25 (-0.20%)
SBI Life Insuran 1228.00 (0.24%)
Shree Cement 24497.50 (0.73%)
St Bk of India 514.65 (4.15%)
Sun Pharma.Inds. 808.05 (0.90%)
Tata Consumer 707.75 (2.36%)
Tata Motors 490.55 (2.53%)
Tata Steel 1109.10 (0.90%)
TCS 3769.90 (-0.04%)
Tech Mahindra 1500.60 (-0.83%)
Titan Company 2376.50 (-1.10%)
UltraTech Cem. 7098.35 (-0.81%)
UPL 791.15 (3.74%)
Wipro 562.70 (-1.75%)

Titan Ekes Out a Profit in Q1 but Local Lockdowns Hurt

News - Updates
04/08/2021

Titan Company Ltd swung to a consolidated net profit for the first quarter through June 2021from a steep loss a year earlier when a nationwide lockdown to control the Covid-19 pandemic forced it to keep its stores closed.

The Tata Group company posted a consolidated net profit attributed to shareholders of Rs 20 crore for the April-June quarter, compared with a net loss of Rs 291 crore for the corresponding period of 2020.

However, the first-quarter profit was down 96.5% from Rs 564 crore in the preceding three-month period due to localised lockdowns that state governments imposed to tackle the pandemic’s devastating second wave.

The maker of Tanishq jewellery and Fastrack watches recorded revenue of Rs 3,473 crore in the first quarter. This is up from Rs 2,020 crore a year earlier but less than half the revenue it generated in the January-March period.

 

Other key details:


1. Jewellery division recorded revenue of Rs 2,467 crore for Q1 versus Rs 1,182 crore a year earlier.

2. Jewellery division clocked earnings before interest and tax of Rs 207 crore for Q1 versus a loss of Rs 54 crore.

3. The watches and wearables business recorded sales of Rs 292 crore as against Rs 75 crore earlier.

4. Eyewear business generated Rs 67 crore in Q1, compared with Rs 30 crore in the same period last year.

5. Titan added 13 stores in Q1 and now operates 1,922 outlets across 297 towns.

 

Management Commentary: 


The company said higher revenue in the first quarter of the current fiscal year was due mainly to the base effect of zero sales in April last year, when India was under a strict lockdown.

It also said its jewellery division, which accounts for more than four-fifths of its revenue, is gaining good traction in new customers and its mix in total buyers has reached the pre-pandemic levels.

Titan managing director CK Venkataraman said the company started the quarter with strong business momentum but the second wave of the pandemic severely disrupted it.

“The learnings and experience of the past year helped us navigate this quarter’s turbulence much more efficiently. As the lockdowns started getting relaxed in different parts of the country in June, and with the rising vaccination level, we saw demand coming back steadily,” he said.

 

 

About the Author

Open Demat Account

Enter Mobile Number
Enter correct otp
Start investing in just 5 mins
Free Demat account, No conditions apply
  • 0%* Brokerage
  • Flat ₹20 per order
SENSEX
57,858.15
366.64 (0.64%)
Nifty 50
17,277.95
128.85 (0.75%)
Nifty Bank
37,706.75
759.20 (2.05%)
Next Article

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number

Stocks Directory

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All 0-9