Titan Ltd reported a 4 percent decline in consolidated net profit to Rs 756 crore ($91.6 million) for the June quarter, as against Rs 790 crore in the same quarter of the previous financial year.
The company’s revenue for the quarter rose by 26 percent to Rs 11,897 crore, as against Rs 9,443 crore posted in the corresponding period of the previous fiscal year.
The company’s India business grew by 20 percent in the same period driven by healthy demand during Akshaya Tritiya festival.
Commenting on the Q1 results, C K Venkataraman, managing director of Titan Ltd in a statement said, “The year has started well for us with double digit revenue growth across business segments. The jewellery business remained the star performer with a 19 percent growth on year-on-year basis.”
“We are pursuing market share gain across categories and investing in various capabilities and retail network expansion. Our international foray is also shaping up well. We remain optimistic about our performance for the rest of the financial year,” he added.
Titan Ltd added a total of 68 stores (including Caratlane) during the quarter taking Titan’s retail presence to 2,778 stores.
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