Titan’s revenues slip 5.2% in fiscal 2015-16

Leading maker of watches, jewellery and eyewear - Titan Co Ltd announced a 5.2 percent fall in revenues in the fiscal year 2015-16, reports say. Revenues reached a total of Rs 11,176 crore (Rs 11,791 crore in the comparable period last year).

Its jewellery unit recorded income worth to Rs.8,717.40 crore dipping 7.6 percent on y-o-y basis, which the company attributed to no revenue generation from its Golden Harvest scheme for the first eight months and the jewellery industry strike in the last quarter of the said fiscal.

Its eyewear division recorded a rise in income of 11.8 percent to Rs.371.58 crores, steered by a strong network expansion. The watches unit revenues rose 1.7 percent to Rs.1953.55 crore, as per reports.

The company increased its retail presence by 82 stores across its watches, jewellery and eyewear, as per reports.

The company described the fiscal as challenging one owing to market weakness and new norms in place.

The company looks ahead to the year with hope for growth by investing in its brands.

In the said fiscal the company’s profit before tax stood Rs.870.66 crores (dipping 17.5 percent) and net profit slipped 14.2 percent to Rs.705.85 crores, reports add.