Titan Industries’ income in the first quarter increased by 11 per cent from Rs 102.80 crore to Rs 113.73 crore over the same period of the previous year. Income of the watch division grew by 14 per cent. In addition, income of the jewellery division registered a growth of 6 per cent while exports grew by 5 per cent.

Several initiatives across the company have contributed to increase in revenues and control over expenses. These initiatives resulted in a lower loss of Rs 13.83 crore as against a loss of Rs 14.61 crore in the previous year. After the inclusion of a deferred tax credit of Rs 3.81 crore, the loss for the quarter was Rs 10.02 crore.

Historically, first quarter results have not been an indication of the performance for the year. Sales and profit are skewed towards subsequent quarters when purchases peak to meet demand for the festival and marriage seasons.