India’s leading retailer Titan Company Limited witnessed what it called a “remarkable” FY 2017-18, in terms of overall business performance.

In the period, Titan reported an income of Rs. 15,655 crore, and recorded a topline growth of 20.5% on a standalone basis.  

“This performance came in the backdrop of a changing environment and regulatory moves like GST implementation,” the Company noted.

Income for Q4 FY 2017-18 stood at Rs. 3,916 crore  as compared to Rs. 3,538 crore for the same period  last year, registering a growth of 10.72%. 

Standalone profit before tax for FY 2017-18 increased by 52.0% to Rs. 1,571 crore. “This is after extraordinary items of Rs. 91 crore including impairment for investment in Favre Leuba amounting to Rs. 75 crore,” the Company elaborated.

Titan’s standalone net profit for the year amounted to Rs. 1,163 crore, registering a creditable growth of 52.6%. 

The Company’s jewellery business recorded sales revenue of Rs. 13,036 crore, registering a growth of 24.3% for FY 2017-18.

This, the Company said, was achieved “on the back of a very successful diamond activation as well as excellent reception to the revised gold exchange policy by customers”.

Titan added: “The year witnessed the launch of many successful collections in jewellery as well as an effective wedding campaign.”

The Company’s watches business reported an income of Rs. 2,126 crore  for FY 2017-18, registering a much higher growth than the past few years. “The growth of 3.6% being reported, appears muted due to the effect of GST on top line,” the Company clarified.

Titan summed up its performance saying: “The key highlights of the year were encouraging growth in the modern Large Format Stores and Ecommerce, successful launch of new licensed brands as well as a resounding success to 'Reflex' Smart Band from Fastrack.”

Titan’s Eyewear business recorded an income of Rs. 415 crore. “The year 2017-18 saw sales in Eyewear almost flat over previous year as the Sunglass business continued to face challenges in the new GST regime,” Titan stated.

Other businesses of the company comprising accessories, fragrances and sarees recorded a sale of Rs. 95 crore, a growth of 45.9%.

Titan this year went on an aggressive retail expansion drive with a net addition of 114 stores by Watches, Jewellery and Eyewear businesses. As on March 31, 2018, the Company had 1,480 stores, with over 1.9 million sq.ft of retail space. 

Bhaskar Bhat, Managing Director of the Company commented: "The Company achieved excellent topline and bottom line growth in the Jewellery and Watches business. The Jewellery business scaled new heights in terms of revenue growth and profitability. The business gained from tailwinds provided by regulatory developments like GST. The Watches business had a great year too with the recrafting strategy resulting in the highest topline growth in recent years, a jump in margins and the highest ever profit. The Eyewear business went through a tough period, especially in the Sunglass segment. I am also proud of the fact that through our CSR Programme we have made a difference to the lives of three lakh and fifty thousand Indians. Many steps are being taken to prepare the Company for the future and set a foundation for healthy growth in the years to come.”

The Titan Board announced a dividend of Rs. 3.75 per share (375%).