Titan Industries net profit zooms 56 per cent for second quarter
October 18, 2006

The performance indicators at Titan Industries are moving at a fast pace. Continuing on the robust path of its first quarter performance, the company's net profit increased substantially by 56 per cent in the second quarter to Rs 32.18 crore from Rs 20.60 crore last year. When compared to the first quarter of this year, the increase is almost eight times. The company registered an income of Rs 539.04 crores, which was an increase of 47per cent as compared to Rs 366.06 crore, during the corresponding period last year.

All the company's businesses are faring well, with the core businesses - watches and jewellery, growing significantly over the previous year. Jewellery income grew by 72 per cent to Rs 296.90 crore from Rs 172.67 crore last year, spurted by an increased demand for jewellery on account of the reduction in gold prices. The company's watch sales also grew by over 21 per cent, with its income increasing from Rs 185.02 crore last year to Rs 224.86 crore this year.

The first half of the current year has shown a good growth. Net profit has increased by over 41per cent, from Rs 5.63 crore last year to Rs 6.27 crore this year. Watch sales grew by 20 per cent to Rs 373.54 crore and Jewellery sales have grown by a spectacular 73 per cent to Rs 585.15 crore. Total sales are up by 48 per cent from Rs 665.63 crore last year to Rs 988.43 crore this year.

The company continues to invest in brand building and advertising, which is yielding tangible results. For successive years now, both Titan and Tanishq have been winning accolades for being amongst the most admired brands in the country. More recently, the company's retailing chains have also been acknowledged as benchmarks in customer experience, both in India and abroad. Clearly the good performance in the second quarter augurs well for the festive season ahead.