BENGALURU: Jewellery and watchmaker Titan reported a 21% upward push in quarterly profit helped by upper gross sales of knickknack because of an early Indian festive season. Net profit rose to Rs 281 crore for the three months ended December 31, from Rs 232 crore a 12 months earlier. Total revenue rose 7.four% to Rs four,296 crore.
Sale of knickknack, which is offered underneath the brand Tanshiq and contributes greater than three-fourth of the company's topline, jumped 8% to Rs three,569 crore.
"The third quarter was an eventful quarter with the suspension of applicability of PMLA (Prevention of Money Laundering Act), favourable to our jewellery business and reduction of GST rates for watches, sunglasses and optical frames. All our businesses recorded good sales in the festivals season," managing director Bhaskar Bhat stated in a remark on Friday.
In August, the government issued a notification underneath the PMLA that any sale of gold above Rs 50,000 required customers to furnish their PAN (everlasting account number) or Aadhaar details to the jeweller.
Revenue from the watches department grew four.7% to Rs 532 crore. Titan, on the other hand, stated the numbers weren't comparable because the source of revenue remaining 12 months included excise duty as in comparison to the source of revenue being after GST this 12 months and therefore the growth seem subdued.
Revenue at its eyewear department—retailed underneath the Titan EyePlus brand—declined marginally to Rs 90.37 crore all over the quarter from Rs 90.65 crore a 12 months in the past. The corporate had 1,439 retail outlets as of December 31.
Sale of knickknack, which is offered underneath the brand Tanshiq and contributes greater than three-fourth of the company's topline, jumped 8% to Rs three,569 crore.
"The third quarter was an eventful quarter with the suspension of applicability of PMLA (Prevention of Money Laundering Act), favourable to our jewellery business and reduction of GST rates for watches, sunglasses and optical frames. All our businesses recorded good sales in the festivals season," managing director Bhaskar Bhat stated in a remark on Friday.
In August, the government issued a notification underneath the PMLA that any sale of gold above Rs 50,000 required customers to furnish their PAN (everlasting account number) or Aadhaar details to the jeweller.
Revenue from the watches department grew four.7% to Rs 532 crore. Titan, on the other hand, stated the numbers weren't comparable because the source of revenue remaining 12 months included excise duty as in comparison to the source of revenue being after GST this 12 months and therefore the growth seem subdued.
Revenue at its eyewear department—retailed underneath the Titan EyePlus brand—declined marginally to Rs 90.37 crore all over the quarter from Rs 90.65 crore a 12 months in the past. The corporate had 1,439 retail outlets as of December 31.
Titan net profit up 21% on higher jewellery sales
![Titan net profit up 21% on higher jewellery sales]()
Reviewed by Kailash
on
February 01, 2018
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