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Noel Tata to retire as Titan vice-chairman; Q2 profit more than doubles to Rs 2,393 cr

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Noel Tata to retire as Titan vice-chairman; Q2 profit more than doubles to Rs 2,393 cr

Noel Tata to retire as Titan vice-chairman; Q2 profit more than doubles to Rs 2,393 cr

Noel Tata will retire as vice-chairman of Titan on November 12 according to company governance guidelines. Titan reported a consolidated net profit increase of 114% year-on-year for the September quarter. Total income rose by 13.8% in comparison to the previous year, driven mainly by jewellery sales growth. The company plans to raise up to Rs 2,500 crore through privately placed, unsecured debentures.

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BENGALURU : Noel Tata will retire as vice-chairman and director of Titan on Nov 12 under Tata group governance guidelines, the company said on Thursday. He has been associated with the jewellery and watches company since August 2003.

The announcement came as Titan reported a 114% year-on-year increase in consolidated net profit to Rs 2,393 crore for the September quarter, from Rs 1,120 crore a year earlier.

Total income increased 13.8% to Rs 21,430 crore from Rs 18,837 crore. Excluding bullion and digital gold sales and an accounting credit, the company put income growth at 25% to Rs 20,533 crore.

The profit included a Rs 671 crore accounting gain linked to Titan’s acquisition of Damas. Titan reduced its estimated liability for buying the remaining 33% stake in the jeweller after geopolitical disruptions in the Middle East hurt Damas’ business. Excluding this credit, net profit rose 54% to Rs 1,722 crore.

Profit also benefited from Rs 536 crore in gains arising from an increase in customs duty on gold.


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