De­spite IL&FS hit, Ti­tan’s Q2 netup 8.4% to ~3 bn

Business Standard - - COMPANIES - BS RE­PORTER<

Watches-to-jew­ellery maker Ti­tan Com­pany re­ported an 8.4 per cent rise in its con­sol­i­dated net profit at ~3.01 bil­lion for the sec­ond quar­ter of cur­rent fi­nan­cial year, dragged by pro­vi­sions made for its cor­po­rate de­posits in the IL&FS group. It had posted a net profit of ~2.77 bil­lion in the Septem­ber quar­ter of the last fis­cal year. In an ex­change fil­ing, the firm said profit be­fore tax (PBT) for Q2 was muted due to pro­vi­sions of ~290 mil­lion made to­wards its in­vest­ments in in­ter cor­po­rate de­posits with IL&FS Group and cer­tain one-time fran­chisee com­pen­sa­tions on store takeover in the jew­ellery seg­ment. How­ever, itre­ported 27.53 per cent rise in its to­tal in­come at ~45.95 bil­lion in Q2 com­pared with ~36.03 bil­lion re­ported a year ago.

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