Bangalore: The net profit of Titan industries was down by 44 per cent to touch Rs 13.09 crore in the fiscal 2001-02, compared to the previous year. The PAT was Rs 23.48 crore in the year 2000-01.

However the operating profit of the company registerd a growth of 14 per cent going up from Rs 15.91 crore in the previous year to Rs 18.16 crore. The tunrover increased from Rs 698.87 crore to Rs 727.02 crore showing an increase of four per cent.

In view of the reduction on net profit, the company has recommended a lower dividend of 15 per cent on equity shares at Rs 1.50 per equty share as against 26 per cent in the previous year. According to a company release, while there was a marginal decline in the turnover of the watch division due to depressed economic conditions, the jewellery division continued to register impressive growth.