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BUSINESS / ECONOMY

Titan clocks 4.42% rise in Q4 standalone net profit

Mumbai, May 8 (IANS) The Titan Company on Wednesday reported a 4.42 per cent rise in its standalone net profit for the fourth quarter of 2018-19, at Rs 294.58 crore against Rs 282.12 crore in the corresponding period of the previous fiscal.

For the fiscal, the standalone net profit rose by 18.2 per cent to Rs 1,374.36 crore from Rs 1,162.87 crore for the previous fiscal.

“Standalone profit before tax for the year 2018-19 was very encouraging and grew by 22.7 per cent to Rs1,927 crore,” the company said in a statement.

“This is after 100 per cent provision for investments in inter corporate deposits amounting to Rs 145 crore made in IL&FS and impairment of investment in its Swiss subsidiary Favre Leuba, amounting to Rs 70 crore (exceptional item).”

–IANS

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