Titan Q1 net profit soars multi-fold to Rs 785 cr on low-base effect, sales rise nearly 200%

Tata group firm Titan on Friday posted a massive jump in consolidated net profit at Rs 785 crore for the quarter ended 30 June, 2022, mainly on low-base effect. The company had posted a net profit of Rs 20 crore in the year-ago period, which witnessed a hit from the outbreak of COVID-19 pandemic.

Sequentially, Titan's net profit was up 54 per cent from Rs 510 crore in the previous quarter (Q4FY22).

Its June quarter consolidated sale of products nearly rose 200 per cent to Rs 8975 crore as against Rs 3,004 crore a year ago.

While, its jewellery division, which contributes around 85 per cent of its revenue, reported a revenue growth of 173.8 per cent, its Watches & Wearables revenue grew 168 per cent YoY.

Shares of Titan on Friday traded 0.90 per cent higher at Rs 2,444.90 apiece on BSE during late trade hours.

Titan was set up in 1984 as a joint venture between the Tata Group and the Tamil Nadu state government. While the Tata Group owns a 25.02 per cent stake, the state government owns a 27.88 per cent stake in the company.