Tuesday , May 11 2021

Profits Q2: Titan's consolidated earnings increased by 8.34% to ₹ 301.11 crore



Revenue and profit growth led most of Titan's jewelry, which was mainly sold under the name of Tanishq.

Revenue and profit growth led most of Titan's jewelry, which was mainly sold under the name of Tanishq.

Bungalow: Titan Co Ltd watches and accessories reported an increase of 8.34% in consolidated earnings, while total revenue rose significantly in the July-September period, leading to increased sales across all key product segments.

However, the quarter-on-quarter growth rate of Tata's net profit was down 5% year-on-year. Titan listed two reasons for this sluggish rate of growth – a 29 crore provision for investments made as part of Treasury's interbank deposits to the IL & FS group and some franchisee compensation due to acquisitions in jewelery.

In June, IL & FS Transportation Networks Ltd (ITNL), Infrastructure Leasing and Financial Services Ltd (IL & FS), delayed the repayment of interbank deposits by Small Industries Development Bank of India (Sidbi) CARE on the ITNL securities. The IL & FS group and units were subsequently defaulted for several other payment obligations.

Consolidated net earnings at Titan were ₹ 301,11 crore in the second quarter versus ₹ 277,93 crore last year. Total income amounted to £ 4,595.13 crore in the quarter from £ 3,603.01 crore in the same quarter a year ago.

Revenue and profit growth led most of Titan's jewelry, which was mainly sold under the name of Tanishq. Revenue from the jewelery segment increased by 29.02% to ₹ 3,645.07 crore on an annual basis.

"The company has done well in all its businesses in the second quarter, offering a 26% increase over last year." The jewelery business recorded this quarter after a soft first quarter and the watch business had one of its best homes with an exceptionally sound growth in the bottom line for the first half.The glassworks business has taken a long time with our investment in brand building that shows results now, "said Bhatas Bhaskar Bhat's CEO in a statement filed with BSE on Friday.


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