Titan Industries has posted a 56 per cent increase in net profit for the second quarter ended September 30 to Rs 32.18 crore compared with the corresponding quarter of the previous year. The topline has moved up impressively by 47 per cent to Rs 539 crore. All the company's businesses are faring well, with the core businesses, watches and jewellery, growing significantly over the previous year. Jewellery income grew by 72 per cent to Rs 296 crore, spurted by an increased demand for jewellery on account of reduction in gold prices.
Watch sales also grew by over 21 per cent to Rs 225 crore, the company said. For the half year ended September 30, net profits moved up by 41 per cent and total sales up by 48 per cent. According to a statement from Titan, the company will continue to invest in brand-building and advertising, which are yielding tangible results.