Tata group-owned Titan Company reported a 48 per cent growth in net profit to Rs 529 crore on a standalone basis, in the January-March quarter of the financial year 2020-21, compared to Rs 357 crore in the corresponding period last year. According to a regulatory filing by the company to the BSE on Thursday, April 29, Titan Company's revenue from operations stood at Rs 7,135 crore in the March quarter, marking a 61 per cent growth, compared to Rs 4,429 crore in the same period last year. (Also Read: Titan Falls Over 2% After Net Profit Drops 11% In December Quarter )
According to the statement, the company's board recommended a dividend of Rs 4 per equity share of rupee one each of the company, that will be dispatched or paid subject to the approval of the shareholders of the firm.
Titan stated that the company reported a strong revenue growth both in the jewellery and the eyewear segments, while the watches division recovered in the fourth quarter of the financial year 2020-21. The total income stood at Rs 7,169 crore in the March quarter, compared to Rs 4,469 crore in the corresponding quarter last year.
The jewellery segment registered an income of Rs. 6,397 crore in the March quarter, excluding gold bullion sales, compared to Rs. 3,754 crore in the year-ago period. The watches and wearables business recovered in the fourth quarter to register an income of Rs. 555 crore, compared to Rs. 557 crores in the same period last year.
On Thursday, shares of Titan Company settled 0.13 per cent lower at Rs 1,506.30 apiece on the BSE. Titan opened on the BSE at Rs 1,519.80, registering an intra day high of Rs 1,527.35 and an intra day low of Rs 1,497.10 through the trading session. On the NSE, Titan Company settled 0.30 per cent lower at Rs 1,504.35 apiece.