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.