Titan’s consolidated Q3FY21 net profit rises 12%

Mumbai, Feb 10 : Titan Company on Wednesday reported a rise of 11.81 per cent in consolidated Q3FY21 net profit.
Accordingly, the company’s net profit rose to Rs 530 crore from Rs 474 crore during the corresponding period of last fiscal.
The sales recovery was led by an impressive festive season off-take in the jewellery division.
Besides, Titan made a provision for Rs 137 crores relating to impairment in the investments in ‘Favre Leuba AG’ (FLAG), a wholly owned subsidiary, consequent to the decision of the company to significantly scale down the operations outside India.
“While the jewellery business grew by 16 per cent (excluding gold bullion sales) over the corresponding quarter of the previous year, the watches and wearables and eyewear divisions also did well with the recovery rate for the quarter being 88 per cent and 93 per cent respectively,” the company said in a statement.
“There was a significant recovery in the diamond studded segment of the jewellery business. While coins sales continue to remain high, wedding jewellery segment also witnessed a very good growth in the quarter.”