New Delhi: Watches and branded jewellery-maker Titan Industries Ltd expects to post an over nine per cent growth in turnover at Rs 775 crore and also boost profit in this fiscal, a senior company official said.
"We have consistently managed to buck the trend over the last 14 years of our existence. This year also, inspite of the losses in the first quarter, we will record growth in profit and turnover," Mr Bijou Kurien, vice-president (sales and marketing), said. Last year, Titan had registered a sales turnover of Rs 709 crore and Rs 21 crore profit. But, in the first quarter (April-June 2001-02), it had incurred losses of around Rs 14 crore over a turnover of Rs 102 crore.
"We had anticipated the losses in the first quarter. At first, last year's first quarter profits were due to other income received from sales of shares. Also, we had resorted to planned downstocking of trade which means we sold less, but retailed out more," Mr Kurien said.
Titan, he said, would also increase its exports during 2001-02 by about 20 per cent from last year's Rs 45 crore.