Titan Company, a Tata enterprise, saw the profit after tax and total income from operations as well drop in the first quarter of the current fiscal by nearly 3 and 7 per cent, respectively. According to the results, for the quarter ended June 30, total income was Rs.2,891.44 crore as against Rs.3,107.67 crore in the corresponding period of last fiscal. The profit after tax was Rs.177.27 crore (Rs.182.48 crore). The company said as expected the sales income, at Rs.2,853.66 crore (Rs.3,087.79 crore), dropped, by 7.6 per cent. It was largely on account of an unprecedented first quarter of 2013-14 that witnessed a 47 per cent growth in jewellery business on the back of a sharp fall in gold prices.
The jewellery income in the quarter was Rs.2,325.27 crore as against Rs.2,586.61 crore, a decline of 10.1 per cent. The jewellery business, a release from the company said, continues to face regulatory pressures that have an adverse impact on sales.
The watches business in the first quarter of current fiscal, however, recorded a growth of 10.4 per cent, with the income growing to Rs.439.95 crore (Rs.398.68 crore). Other businesses of the company, which include eyewear, precision engineering and accessories, grew by 3.8 per cent to Rs.127.83 crore (Rs.123.18 crore).
Managing Director Bhaskar Bhat said the consumer discretionary spend in the in the quarter was far more stable than what was witnessed in the past few quarters. With stability in the political environment, the market mood has been positive.
SBTThe net profit of State Bank of Travancore has dropped to Rs.50.03 crore for the first quarter of the current fiscal from Rs.186 crore for the quarter ended June 30, 2013.
The bank’s net interest income and non-interest income saw a slide during the first quarter. Net interest income fell to Rs.525 crore from Rs.582 crore and non-interest income from Rs.253 crore to Rs.Rs 221 crore. Total income rose to Rs. 2,644 crore at the end of June 2014 from Rs. 2,617 crore at the end of June 2013.
During the period, the bank recorded a total business of Rs.1.64 lakh crore. Deposits of the bank grew by 5.71 per cent to Rs.93,806 and NRI deposits rose by Rs.1,547 crore to Rs.26,510 crore. Advances rose to Rs.69,995 crore from Rs.67,640 crore, marking a year-on-year growth of 3.48 per cent. Of this, Rs.29,791 crore constituted priority sector lending.
Prestige EstatesPrestige Estates Projects posted a 20 per cent increase in its net profit in the first quarter ended June 30. The company said the net profit was Rs.104.04 crore as against Rs.86.66 crore registered in the corresponding quarter of previous fiscal. Total income rose by 13 per cent at Rs.563.09 crore (Rs.498.28 crore).
