Titan Company disclosed a steep drop in standalone net profit for the quarter ended September 2020. During the quarter, the profit of the company declined 37.81% to Rs 1,990 million from Rs 3,200 million in the same quarter last year.
Revenues for the quarter declined marginally 1.72% to Rs 43,890 million, compared with Rs 44,660 million for the prior year period.
Titan Company reported an 89% recovery in Sales in Q2 of FY 2020-21 led by sharp recovery in the Jewellery division post the significant disruption caused by the Covid 19 pandemic in India in the first quarter of the fiscal. The total income for the quarter was Rs. 4,389 million, including sale of gold bullion to the extent of Rs 3910 million, resulting in a decline of less than 2% compared to the income of Rs 4,4660 million for the same quarter in the previous year. The decline in total income excluding bullion sale was close to 11%.
| Quarterly Results - Standalone (Rs in mn) |
| As at | Sep - 20 | Sep - 19 | %Change |
| Revenues | 43,890.00 | 44,660.00 | (1.72) |
| Net Profit | 1,990.00 | 3,200.00 | (37.81) |
| Diluted EPS | NA | NA |
|
C K Venkataraman, Managing Director of the Company stated that 'The recovery that the Company has witnessed in the quarter has been very satisfying and the positive consumer sentiment witnessed gives rise to hope that the festive period could be good for all the divisions of the Company. The Company continues to gain market share in its key businesses aided by innovation and total commitment displayed by its employees and the extended business associate network. The focus on cost and capital employed has helped the Company manage its bottom line and cash flows very well.'
Shares of the company declined Rs 29.95, or 2.46%, to trade at Rs 1,187.95. (1.20 p.m., Thursday).
