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Titan Company today reported 70.86 per cent jump in consolidated net profit at Rs 304.41 crore for the fourth quarter ended March 31.
The company had reported a net profit of Rs 178.16 crore in the same quarter of 2016-17.
Titan’s total income stood at Rs 4,125.69 crore during the quarter under review. It was Rs 3,692.82 crore in the year-ago period, the company said in a BSE filing.
Titan also announced appointing Noel N Tata, nominee of Tata Sons (co-promoter of the company), as Vice-Chairman of the Board of Directors.
The company said revenue from operations for the periods up t0 June 30, 2017 includes excise duty on goods sold. With implementation of GST on July 1, 2017, excise duty was subsumed into GST and hence, revenue from operations for the period from July 1 does not include excise duty.
Titan Company MD Bhaskar Bhat said while jewellery and watches business did well, its “eyewear business went through a tough period, especially in the sunglass segment“.
For 2017-18 financial year, Titan reported net profit of Rs 1,101.91 crore compared with Rs 697.28 crore in the previous year.
Its total income in the year stood at Rs 16,244.81 crore as against Rs 13,452.62 crore in 2016-17.
In a separate filing, Titan said its Board has recommended a dividend of Rs 3.75 per equity share.
The company’s stock closed at Rs 981.50, down 0.43 per cent, on BSE.
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