The first nine months of the financial year have seen growth in sales turnover of the company by 30 per cent to Rs 1,047.22 crore

Titan Industries ended the third quarter with a sales turnover of Rs 381.54 crore, a growth of 24 per cent over the third quarter of last year. Profit after taxes during this period grew by 88 per cent to Rs 10.78 crore.

The first nine months of the financial year have seen growth in sales turnover of the company by 30 per cent to Rs 1,047.22 crore, growth in the sales of the time products division by over 24 per cent to Rs 485.70 crore, and by over 36 per cent in jewellery sales to Rs 562.82 crore. For the nine-month period, profit after taxes was Rs 36.41 crore as against Rs10.27 crore in the same period last year.

It may be noted that the profits have been achieved after making provisions of Rs 20.23 crore (previous year: Rs 10.77 crore) in respect of certain loans and advances to overseas subsidiaries / associates. The period has also seen increased outlays on domestic brand building and advertising amounting to Rs 16 crore more than last year.

The company continues to be the market leader in the domestic Indian market for watches with Titan, Sonata and Fastrack and for branded jewellery with Tanishq.

While the high prices of gold have slightly dampened the demand for gold jewellery during the quarter, sales of diamond-studded jewellery have been encouraging. Retail sales of both watches and jewellery remain well ahead of sales in the same period last year, and the company is working on plans to further expand the retail chains for its various brands. The company's forthcoming rights issue will provide the funds required for the expansion of its retailing and manufacturing activities, and the rights issue is expected to open for subscription by March 2006.