Backed by brand sales across all retail formats, Titan has posted 11.6 per cent higher profit at ₹206.44 crore for the fourth quarter of 2013-14, compared with ₹184.97 crore in the corresponding period last year.
Total income rose 7.27 per cent to ₹2,803.38 crore from ₹2,613.24 crore. Earnings per share (basic) stood at ₹2.33 (last year ₹2.08).
For the whole year, Titan, on a consolidated basis, posted 1.31 per cent higher profit at ₹734.94 crore against ₹725.38 crore clocked in the previous year. Total income is also up 7.94 per cent at ₹10,927.39 crore against ₹10,123.29 crore the year before.
“The year 2013-14 was a challenging one given the economic environment that was subdued. The year also witnessed other adverse factors like the regulatory changes that impacted our jewellery business,” said Bhaskar Bhat, Managing Director.
“The company will, however, continue to invest in strategic initiatives taking into account our long-term and sustainable growth plans. Given the expectations of our stakeholders and aspirations of our employees, we move confidently into the new year with aggressive plans,” he added.
Segments do wellThe watch business recorded an income of ₹1,790.80 crore, a growth of 6.9 per cent. The income from jewellery segment grew 6.5 per cent to ₹8,632 crore. The income from other segments comprising precision engineering, a B2B business, the eyewear business and accessories grew 20.7 per cent to ₹499.8 crore.
The year witnessed aggressive retail expansion with a net addition of 125 stores by watches, jewellery and eyewear businesses. As on March 31, 2014, the company had 1,078 stores, with over 1.5 million square feet of retail space delivering a retail turnover in excess of ₹10,900 crore.