MUMBAI: Tata group firm Titan, which also runs the country’s largest jewellery chain under the Tanishq brand, on Tuesday reported a slight fall in net profit to Rs 1,047 crore in the quarter to December due to “changes in the custom duty on gold”.
It had reported a net profit of Rs 1,053 crore in the year-ago period. The company’s total income rose 25.5% to Rs 17,723 crore in the reporting period as against Rs 14,122 crore a year ago, the company informed the exchanges Tuesday.
Commenting on the numbers, C K Venkataraman, managing director of the company, said, “The Customs duty cut losses on the inventory held at the time of the duty change in July 2024 have been fully realised in the December quarter and hence the profitability is lower to that extent.”
“We are committed to investing in the growths of all our businesses and specifically the emerging ones to help them scale faster. We remain optimistic on our performance and hope to end the fiscal year with a good growth over FY24,” he added.
Venkataraman further said the festive quarter gone by firmly established the FY25 growth trajectory after a muted Q1 and a healthy Q2. The jewellery division saw its strongest quarter yet, growing in excess of 25% at a retail level.
Consumer preference for gold, both as adornment jewellery and as a store of value continued to remain fairly strong, he said.