Titan Industries has achieved approximately 20 per cent growth in sales turnover for the year ended March 31, 2004. Combined sales of the time products and jewellery divisions rose to over Rs 950 crore from Rs 797.90 crore last year.

After two years of flat growth, the turnover of the time products division grew by 16 per cent to over Rs 520 crore from Rs 448 crore in the previous year. The number of watches sold went up to over 6.81 million from 6 million the year before. The division also test-marketed sunglasses under its Fastrack brand, and Tommy Hilfiger branded watches, for which it has the license for India.

The jewellery division continued to grow aggressively and recorded an estimated sale of over Rs 420 crore, up by 22 per cent over last year. The division has come of age with the 'Tanishq' brand, now established across the country and accepted as the undisputed market leader.

Exports showed significant growth during the year, rising to about $18 million from $10.79 million last year. However, the appreciation of the Indian rupee against the US dollar, particularly the spike in the last week of the financial year 2003-04, may impact exports. In addition, the results for the financial year will be impacted by exchange losses attributable to the translation of export receivables and restatement of the foreign currency denominated loans and advances to overseas subsidiary and associate companies.