RJ Market Watch
Titan Makes Rs 145 Crore Provision Towards IL&FS Investment
BENGALURU: Jewellery and watch maker Titan reported a13% increase in profit to Rs 348 crore in the quarter ended March, helped by strong sales of its jewellery. Revenue rose about 20% to Rs 4,945 crore.
The jewellery business, known for its Tanishq brand, grew 22% in the quarter compared to a year earlier. The segment contributes more than three-fourth of the total topline, with the rest coming from watches, eye wear and other fashion accessories.
Titan said it has set aside its entire investment amount of Rs 145 crore in IL&FS as impairment value. The company had put in that amount in inter-corporate deposit (ICD) which was due for maturity in November and December last year.
Courtesy: ET Retail.com
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