In comparison to the same quarter the prior financial year, Titan Ltd.’s consolidated net profit fell by 4% to Rs 756 crore ($91.6 million) for the June quarter.
In comparison to the same period in the prior fiscal year, the company’s quarterly sales increased by 26% to Rs 11,897 crore from Rs 9,443 crore.
In the same time frame, the company’s India business expanded by 20% thanks to strong demand during the Akshaya Tritiya celebration.
The year has started well for us with double digit revenue increase across business areas, said C K Venkataraman, managing director of Titan Ltd in a statement regarding the Q1 results. With a 19 percent increase year over year, the jewellery industry continued to lead the way.
“We are working to increase our market share across categories, and we are also enhancing our capabilities and growing our retail network. Our overseas venture is also coming quite nicely. We are still confident in our performance for the remainder of the fiscal year,” he continued.
Titan Ltd increased its retail presence to 2,778 outlets during the quarter by adding a total of 68 stores (including Caratlane).
