Titan net profit declines 7% to ~527 crore in Q4

Tata group firm Titan Company on Tuesday reported a 7.21 per cent decline in its consolidated net profit at ~527 crore in the fourth quarter ended March 2022.

It had posted a net profit of ~568 crore in the Januarymarch quarter of FY21, Titan Company said in a regulatory filing.

Its total income was up 4.25 per cent to ~7,872 crore during the period under review as against ~7,551 crore in the corresponding period of the preceding fiscal.

The company's revenue from sales of products was down 1.14 per cent to ~7,267 crore in the fourth quarter of FY22 as against ~7,351 crore a year ago.

Titan's total expenses were at ~7,165 crore in Q4 of FY22, up 5.04 per cent from ~6,821 crore a year ago.

"Q4 FY22 ended with a satisfactory performance despite partial lockdowns, volatility in gold prices and uncertainty in a fragile geopolitical situation," said Titan, adding, "Excluding bullion sale, revenue declined by 2 per cent compared to Q4 FY21." Titan's revenue from jewellery segment stood at ~6,843 crore in the Januarymarch quarter of FY22, up 2.47 per cent against ~6,678 crore in the corresponding quarter a year ago.

Revenue from watches and wearables also increased 11.8 per cent to ~625 crore against ~559 crore in the same period of previous fiscal.

Eyecare revenue was at ~134 crore, up 5.51 per cent against ~127 crore in Q4 FY21.

The company also reported a 63.57 per cent increase in its revenue from others segment in the January-march quarter at ~229 crore as against ~140 crore a year ago.

For the entire fiscal year ended March 2022, Titan's consolidated net profit stood at ~2,198 crore. This was up over two-fold from ~974 crore, the reported net profit of financial year 2020-21.