Titan Q2 results: Profit drops 38 percent to Rs 199 cr in Sept quarter
Published On: Wednesday, October 28, 2020 | By: Team KnowMyStock
Titan Co on Wednesday reported a net profit of Rs 199 crore for the quarter ended September, down 37.81 per cent from Rs 320 crore a year ago on account of higher expenses. The Company had reported a loss of Rs 270 crore in June Quarter.The numbers are in line with market expectations as a CNBC-TV18 poll had estimated the number to the tune of Rs 200 crore. Its total income for the quarter was Rs 4,389 crore, down 1.72 per cent as compared with the income of Rs 4,466 crore for the corresponding quarter in the previous year. While the company had reported revenue of Rs 1,862 crore for June Quarter. The company said it has incurred a loss of Rs 484 crore during the quarter as a result of a change in the cash flow hedging due to an increase in sales compared to the original sales forecast and advantage of the moratorium offered on the gold on loan.THE standalone EBITDA of the company came at Rs 294 crore against Rs 513 crore YoY.
Titan said the recovery rate of revenue improved substantially in the quarter, with the rate being 55 per cent for the Watches and Wearables division, reported an income of Rs 400 crore against Rs 719 crore in the previous year, 98 per cent for the Jewellery division, recorded an income of Rs 3,446 crore for the quarter as compared to Rs 3,528 crore last year and 61 per cent for the Eyewear division, reported Rs 94 crore, against Rs 154 crore last year. The recovery that the company has witnessed in the quarter has been very satisfying and the positive consumer sentiment witnessed gives rise to hope that the festive period could be good for all the divisions of the company," said C K Venkataraman, Managing Director of Titan.
Tags: #Titan #Profit #Revenue
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