- Titan documented loss of Rs 270 crore in June quarter
- Organization had described earnings of Rs 371 crore in June quarter of final 12 months
- Titan’s organization was seriously by influenced induced by Covid-19 pandemic
Titan Firm shares fell as a lot as 5.2 for each cent to hit an intraday reduced of Rs 1,050.20 on the BSE following the enterprise reported loss of Rs 270 crore in quarter finished June 30 as against gain of Rs 371 crore for the duration of the very same quarter final yr. Titan’s organization was seriously by the disruption caused by the Covid-19 pandemic. “Disruption induced by the Covid 19 pandemic in India impacted the performance of Titan Enterprise Ltd seriously with retail stores closed for a significant section of the quarter,” the jewelry and check out retailer mentioned in a press release.
Titan’s income, from sale of goods and providers, in June quarter fell 74 for each cent each year to Rs 1,251 crore.
“The lockdowns impacted the firm’s operations considerably in the months of April and May well 2020 as most merchants have been pressured to shut down. While merchants started off opening in May perhaps, write-up Unlock 1., even as at stop of June 2020, only 83 for each cent of all the suppliers opened and even for retailers that opened, many of them were not working for all days,” the Bengaluru-dependent business mentioned in a press launch.
Purchaser sentiment was impacted seriously thanks to the financial downturn, men and women being forced to remain indoors for prolonged periods of time as most people today worked from property and the perceived hazard of likely out to general public spaces. More with most weddings in the quarter being postponed, desire for wedding jewelry was afflicted, Titan Enterprise added.
“The severity of the disruption in business due to the pandemic impacted the Firm’s overall performance ensuing in an unprecedented reduction for the corporation. The recovery in business, significantly in the jewelry business enterprise is encouraging and we assume to get again to normalcy by the fourth quarter of this yr,” C K Venkataraman, Managing Director of the Business said in a assertion.
As of 11:52am, Titan shares traded 3.55 for every cent decrease at Rs 1,068.45, underperforming the Sensex which was up .62 per cent.