The company has ended the second quarter with a 99 per cent growth in net profit after taxes at Rs 20.60 crore, up from Rs 10.33 crore last year and the profits for the first half of the year at Rs 25.63 crore have exceeded the profits of Rs 24.95 crore earned by the company for whole of the last year.

Watch sales rose sharply from Rs 156.07 crore in the second quarter last year to Rs 193.39 crore during the same period this year, registering an increase of 24 per cent. Jewellery sales also grew by 30 per cent from Rs 132.93 crore during the second quarter last year to Rs 172.68 crore in the corresponding period this year. The downward trend in interest costs continued which dropped by 27.5 per cent from Rs 8.23 crore last year to Rs 5.97 crore during the second quarter this year. The total sales turnover for the quarter has grown by 27 per cent from Rs 288.35 crore last year to Rs 365.51 crore this year.

The first half of the current year has been very encouraging. Net profit has increased more than five times from Rs 4.55 crore last year to Rs 25.63 crore this year. Watch sales have grown 30 per cent to Rs 327.84 crore and jewellery sales have grown even more spectacularly by 37 per cent to Rs 338.79 crore. Total sales are up by 33 per cent from Rs 497.51 crore last year to Rs 665.63 crore this year.

It may be noted that the profits posted by Titan have been achieved after making a provision of Rs 15.23 crore in respect of certain advances to its overseas subsidiaries / associates, which are represented by inventories held by these associates.

While the high prices of gold are slightly dampening the demand for jewellery, retail sales of both watches and jewellery remain well ahead of last year, which augurs well for the run-up to Diwali and the festive and marriage seasons that follow.