Titan second quarter net rises 8% to ₹301.11 crore

NEW DELHI: Titan Co. Ltd on Friday reported an 8.34% rise in consolidated net profit at ₹301.11 crore for the quarter ended September 30, 2018, dragged by provisions made for its corporate deposits in the IL&FS group. The company had reported a net profit of ₹277.93 crore for the July-september period of the last fiscal. Titan said as on September 30, 2018, as a part of treasury operations, it has invested in inter-corporate deposits amounting to ₹145 crore with IL&FS and its subsidiary. The growth in the profit before tax for the quarter was muted due to provision made to the tune of ₹29 crore for investments made as part of treasury operations in inter-corporate deposits in the IL&FS group and certain one-time franchisee compensations on store takeover in the jewellery segment, Titan said in a BSE filing.