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Profit declines 7% YoY to Rs 491 crore, Retail News, ET Retail

Titan Q4 Results: Profit declines 7% YoY to Rs 491 croreNEW DELHI: Titan Company on Tuesday said its standalone profit for the March 2022 quarter declined 7.18 per cent year-on-year to Rs 491 crore from Rs 529 crore.

Revenue from sales of operations for the quarter under review fell by 3.46 per cent to Rs 6,749 crore compared with Rs 6,991 crore in the same quarter last year. Total income for the quarter came in at Rs 7,352 crore, a growth of 3 per cent compared to Rs 7,169 crore in Q4 FY21.

Partial lockdowns, volatility in the gold prices and uncertain geopolitical conditions dented its performance in the fourth quarter, said Titan.

Its jewellery business registered a 4 per cent drop in revenue to Rs 6,132 crore in Q4FY22 compared to Rs 6,397 crore in Q4FY21. However, the watches and wearable business reported a 12 per cent increase in the income to Rs 622 crore from Rs 555 crore earlier. Eyecare business reported a 6 per cent YoY rise in revenue to Rs 134 crore.

“Despite frequent disruptions in the quarter owing to Covid third wave and other geo-political factors, the quarter has been satisfactory in terms of growth and profitability. The company is well prepared and looking forward to an exciting Ql with all its stores ramped up for a much-awaited Akshaya Tritiya festival this year. With international expansion in GCC markets and the first Tanishq store coming up in the US, we are gearing up to touch new horizons in FY23,” said CK Venkataraman, Managing Director, Titan Company.

The board recommended a dividend of Rs 7.50 per equity share of Re 1 each of the company.

More to come…

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