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