Titan clocks 24 per cent growth

Bengaluru, Nov 4 (IANS) Titan Company on Friday reported a stand-alone net profit of Rs 181 crore for the second quarter (July-September) of fiscal 2016-17, registering a 24 per cent annual growth from Rs 146 crore in the same period year ago.

In a regulatory to the stock exchanges, the city-based leading watches and jewellery firm said its total income from operations (stand-alone) for the quarter under review (Q2) remained flat at Rs 2,676 crore as against Rs 2,681 crore in the same period year ago.

Sequentially, net profit grew 43 per cent from Rs 127 crore in the first quarter (April-June) of this fiscal but total income declined 5.2 per cent from Rs 2,823 crore in Q1.

Operating profit for the quarter, however, shot up 41 per cent annually to Rs 251 crore from Rs 178 crore a year ago but declined 5.6 per cent sequentially from Rs 266 crore.

Jewellery contributed Rs 1,988 crore, watches Rs 524 crore, eyewear Rs 95 crore and other business including precision engineering and accessories Rs 73 crore.

“The quarter was good with respect to profits from all businesses. All our retail channels grew. The festive season commenced well,” Managing Director Bhaskar Bhat said in a statement.