Titan Company posted net loss of Rs 270 crore as COVID-19 hits performance

Titan Company posted a net loss of Rs 270 crore for the financial year ended 30 June 2020

Titan Company posted a net loss of Rs 270 crore for the financial year ended 30 June 2020 as a consequence of a market hit by COVID-19. The firm posted a profit of Rs 371 crore in the previous year.

Revenues of the Jewelry-to-Eyewear manufacturer Titan Company declined 62.3 per cent of Rs 1,862 crore relative to the same period in the last financial year. It also involved the selling of Rs 601 crore bullion produced to mitigate inventory owing to poor revenues owing to operation disturbances.

Managing Director CK Venkataraman stated “We expect to get back to normalcy by the fourth quarter of this year.”

“While stores started opening in May, post Unlock 1.0, even as at end of June 2020, only 83 percent of all the stores opened and even for stores that opened, many of them were not operating for all days,” Titan also claimed the lockdowns had a major effect on its activities in April and May, as several shops were required
to close down.

The Firms will tackle the financial and organizational challenges of Coronavirus while efficiently meeting the needs of their employees, consumers and suppliers.

The organization has declared a steady growth in sales of 21% for the watches and wearable tech division, 77% for the jewelry category and 25% for the eyewear division.

The effect of the COVID-19 culminated in a quarterly revenue for the jewellery sector of Rs 1,783 crore compared to Rs 4,047 crore last year.

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