Titan Industries Limited's second quarter results of have shown a marked improvement over its first quarter results, with a profit before tax of Rs 8.87 crore as against a loss of Rs12.47 crore in the first quarter. Income is higher by 51 per cent, having gone up from Rs147.33 crore in the first quarter to Rs 223.00 crore in the current quarter. 

As compared to the second quarter of the previous year too, there is growth in income as well as in profits. While income increased by 13 per cent, going up from Rs197.20 crore to Rs 223.00 crore, profit before tax went up by 221 per cent from Rs 2.76 crore to Rs 8.87 crore. 

For the half-year ended September 30, 2003, income is at Rs 370.33 crore, higher by 19 per cent, over the previous year. The net loss for the half-year ended September 30, 2003, at Rs 1.29 crore is, thus, significantly lower than the loss of Rs 8.16 crore for the same period of the previous year. The turnover of the watches and clocks division for the first half is Rs 224.83 crores up by 23 per cent over the previous year while the jewellery division recorded a turnover, during the first half, of Rs 145.13 crore, a growth of 14 per cent.

The growth in the top line of the jewellery division is subdued due to one-time impact of the restructuring of the jewellery business operations of the company. The restructuring is aimed at further improving the operating performance of the division, which has shown a significant increase in profits before interest and tax compared to the previous year.

Led by aggressive marketing campaigns, both in watches and jewellery, retail sales during the recent festival season have shown a substantial increase. Traditionally, the second half is high tide for the company's businesses, and given the current economic outlook the company, it expects to post increased profits in both its businesses for the full year.