Breaking News

Titan Company's income grows 44% in Q4.

The fourth quarter. Jan - March 2017 was an extremely good quarter for Titan Company Limited, with an income growth of 44.3%. The financial year 2016-17 recorded a growth of 143%. Titan Company Ltd reported on income of Rs.12.717 crores for the year ended March 2017. This performance come in the backdrop Of a changing environment and regulatory moves like demonetisation. Income for 04 stood at Rs.3.460 crores against Rs.2.398 crore last year.

Profit before tax for the year 2016-17 grew by 16.3% to Rs.1,033 crore after an exceptional item of Rs.96 crores. incurred towards a voluntary Retirement Scheme offered to employees. The PBT, before this exceptional item is Rs.I.130 crore. a healthy growth of 27%. The net profit for the year is Rs.762 crore. a growth of 9.2%. These figures are stand-done numbers for the Company and do not include subsidiaries.

The jewellery business of the Company crossed the Rs.10,000 crore mark. The income from Jewellery segment saw a growth of 17.4% to Rs.10.237 crores. The year witnessed launch of many successful collections in jewellery as well as on effective wedding campaign. The Watches business of the Company recorded an income of Rs.2.028 crores. a growth of 2.7%. The key highlight of the yea was Titan's entry into the world of smart watches through launch of Titan 'Juxt Pro'. 'Sonata Act' - the safety watch for women and Fastrock 'Reflex' the fitness bond. The income from Eyewear business was Rs.406 cores. recording o growth of 8.4% on the bock of an aggressive network expansion strategy. Other businesses of the company comprising accessories. fragrances and screw recorded o sole of Rs.65 cores. a growth of 18.4%. The fourth business of the company, Precision Engineering, was subsidiarised and stands as an independent Company 'Titan Engineering and Automation Ltd (TEAL). The consolidated income tor the Company from 'other segments' including accessories and subsidiaries like TEAL was Rs.334 rates.

The year witnessed aggressive expansion of its retail network with a net addition of 84 stores by Watches, Jewellery and Eyewear businesses. As on 31 st Mach 2017. the Company had 1366 stores. with over 1.8 million of retail space delivering a retail turnover in excess of Rs.13.325 crore.
Mr. Bhaskar Bhat Managing Director of the Company staled that "The year 2016-17 was an extremely satisfying year. in terms of Company performance, given the market conditions. The strength of Company's brands, the reach of its retail and distribution network and the effectiveness of new product introductions and marketing campaigns was tested in o difficult environment. The various businesses of the Company retained their focus on the Company and took bold steps. wherever needed. to drive growth and enhance profitability. We believe we are well fret:Hared and are taking steps to set up o good foundation for the years ahead."

Considering the performance of the Company, a dividend of Rs. 2.60 per share (260%) was announced after the Board Meeting held on 12 st May 2017.