After a turnaround performance during the last financial year, Titan continued its impressive performance during the first quarter, registering a 42% growth in sales. Income from operations went up to Rs 209.16 crores from Rs 146.77 crores during the corresponding period last year. 

The Company’s profit before depreciation, interest and taxes increased from Rs. 3.20 crores to Rs. 4.58 crores. Capital employed also reduced from Rs 636.32 crores to Rs 586.65 crores.

Both the Time Products Division as well as the Jewellery Division grew over last year. The Time Products Division grew to Rs 95.54 crores from Rs.90.97 crores during the same period last year. The Jewellery Division recorded a sale of Rs 114.12 crores powered by retail sales growth of 25% over the previous year. Sales of jewellery in the first quarter of last year at Rs 56.06 crores are however not strictly comparable as it was impacted by restructuring of operations and stock correction. 

Historically, the first quarter results are not an indication of the full year’s performance. Sales and profit are skewed to the subsequent quarters when trade purchases peak to meet consumer demand in the festival and marriage seasons that follow. The Company, however, reported a much lower loss before taxes at Rs 7.94 crores against Rs 12.47 crores reported last year.