New Delhi: Titan Company reported an income of Rs10,815.08 crore for the year ended March 2014, registering a growth of 8.1 percent over the previous year. This performance came in the backdrop of a challenging economic environment which was met by the talent and commitment of employees and business associates that helped the Titan Company register this growth in a difficult year.
Profit before tax for the company grew by 1 percent to Rs1,015.93 crore and net profit grew by 2.2 percent over the last year to Rs741.14 crore.
The strength of the company’s brands contributed to sales growth across all retail formats of watches, jewellery and eyewear.
The watch business of the company recorded an income of Rs1,790.80 crore, a growth of 6.9 percent. This was achieved through meticulous planning and execution of key initiatives. The income from the jewellery segment grew by 6.5 percent, crossing the Rs8,500 crore mark to Rs8,632.03 crore. The income from other segments comprising of precision engineering, a B2B business, the eyewear business and accessories grew by 20.7 percent to Rs499.79 crore.
The year witnessed aggressive expansion of its retail network with a net addition of 125 stores through the 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 Rs10,900 crore.
Bhaskar Bhat, managing director of the company said: “The year 2013-14 was a challenging year given the economic environment that was subdued. The year also witnessed other adverse factors like the regulatory changes that impacted our jewellery business. 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 financial year with aggressive plans.”
After considering the performance of the company in 2013-14, the directors have recommended a dividend of 210 percent.