Timex Ltd posts Q1 net profit of Rs 2 crore

Timex Group India Ltd (TGIL) reported a decline in net profit to Rs 2 crore ($2,38,922) for the first quarter ended June 30, as against Rs 4 crore in the year-ago quarter.

The company’s revenue for the quarter rose to Rs 108 crore, as against Rs 106 crore in the corresponding quarter of the previous fiscal year.

Commenting on the results, Deepak Chhabra, managing director of Timex India in a statement said, “Our strategic partnerships, targeted campaigns, and expanded retail presence have helped us grow and reinforced our brands’ positioning in the premium segment. The category is witnessing premiumization and higher engagement. With 16 brands in the portfolio, we are well-placed to capitalize on this trend.”

“Our focus remains on expanding the retail presence of our brands across the country, with a diverse product portfolio and robust strategic marketing roadmap to ensure sustainable business growth,” he added.

During the quarter, Timex strengthened its distribution network with addition of 107 points of sale across the country, taking the total retail footprint to over 5500 stores.