Titan Q1 loss at Rs 270 crore as Covid-19 lockdown dents sales
Aug 10, 2020
Mumbai (Maharashtra) [India], Aug 10 : Tata enterprise Titan on Monday reported a standalone net loss of Rs 270 crore in the quarter ended June against a profit of Rs 371 crore a year ago.
The company said disruption caused by Covid-19 pandemic pulled down total income by 62 per cent to Rs 1,901 crore in Q1 FY21 as against Rs 4,995 crore in Q1 FY20.
Titan's jewellery division recorded an income of Rs 1,783 crore for the quarter as compared to Rs 4,047 crore last year, marking a decline of 56 per cent. The watches business was impacted far more and recorded an income of Rs 75 crore, down 90 per cent against Rs 715 crore in the same period.
The eyewear business income dipped by 80 per cent to Rs 30 crore as against Rs 149 crore in Q1 FY20. Other segments comprising Indian dress wear and accessories recorded an income of Rs 4 crore compared to Rs 36 crore in the previous year, showing a decline of 89 per cent.
"The severity of disruption in business due to the pandemic impacted company's performance, resulting in an unprecedented loss," said Managing Director C K Venkataraman.
"The recovery in business, particularly in the jewellery business, is encouraging and we expect to get back to normalcy by the fourth quarter of this year."
Titan's retail chain stands at 1,736 stores with a retail area crossing 2.2 million square feet nationally for all its brands.
