Titan Industries ended the year 2004-05 with a sterling performance.
Sales income at Rs 1,134.66 crore increased from the previous year’s sales income of Rs 958.52 crore — up by 18 per cent. Profit before exceptional items and tax went up significantly to Rs 67.36 crore from last year’s profit of Rs 39.03 crore.
The profit before tax, after accounting for exceptional items is Rs 32.36 crore, an increase of over 130 per cent, over last year’s PBT of Rs 14.03 crore. The net profit of the company also more than doubled to Rs 24.95 crores from Rs 11.18 crores last year.
Both the watch and jewellery divisions have recorded significant increases in their sales and profits. The watch division’s sales income grew by 13 per cent, going up from Rs 534.49 crore to Rs 601.59 crore. The jewellery division’s sales went up by 26 per cent from Rs 425.68 crore last year to Rs 535.01 crore this year.
The results in the financial year 2004-05 have been achieved after factoring in additional outlays on brand building amounting to Rs 17 crore more than last year.
The company’s exports also climbed by 11 per cent from Rs 80.32 crore last year to Rs 89.40 crore this year.
A good foundation for sustained progress is evident which augurs well for the future and the directors have recommended the payment of a 20 per cent dividend, doubling the 10 per cent dividend paid last year.