The company's income from operations went up to Rs819.06 crore during the first quarter of the current year from Rs666.59 crore during the corresponding period last year, and the profit before taxes increased to Rs43.95 crore compared to Rs25.36 crore last year. Profit after taxes went up from Rs17.99 crore last year to Rs32.22 crore during the same period in the current year.
Despite high inflation, spiralling oil prices and high volatility in gold prices, all the divisions of the company have performed well.
Watch segment sales income increased from Rs168.83 crore during the first quarter of last year to Rs171.89 crore during the corresponding period this year. The jewellery segment sales income grew from Rs466.41 crore during the first quarter of last year to Rs615.72 crore during this year. The company’s other products segment that include eyewear, precision engineering, machine building and clocks grew from Rs22.65 crore during the first quarter of last year to Rs23.50 crore this year.
During the quarter, the company opened 29 new World of Titan, Tanishq, Eye+ and Gold Plus stores. Titan watches were launched in Pakistan and Tanishq opened its first exclusive boutique in the USA at Chicago.