Titan Industries crosses Rs2000-crore mark
April 22, 2007

Titan Industries achieved a significant growth during the year ended 2006-07, with sales income at Rs2136 crore growing by 44 per cent from the previous year and profit before taxes going up to Rs131.65 crore, up by 52 per cent from the previous year.

Net profit for the year stood at Rs94.33 crore as compared to Rs73.62 crore in the previous year. The company has made a provision of Rs24 crore towards overseas loans and advances considered doubtful.

Watch segment sales grew by 20 per cent to Rs784 crore, while jewellery sales went up by 63 per cent to Rs1292 crore. Sales of other products, including accessories and precision engineering components, rose by 69 per cent to Rs63 crore.

During the quarter ended March 31, 2007, sales income grew by 40 per cent from Rs434 crore to Rs606 crore. While the watch segment sales grew by 27 per cent, jewellery segment sales went up by 49 per cent as compared to the previous year. Profit before taxes for the quarter stood at Rs39 crore.

All brands of the company have performed well and new introductions in both watches and jewellery, viz, the Aviator series in gents watches, the Raga Collection for ladies and the Zoya line in Tanishq jewellery have had very good responses, which augur well for the future.

The company continued to expand its retail network and now has perhaps the largest reach in its category, with 209 World of Titan Showrooms and 88 Tanishq boutiques. Plain gold jewellery also made significant inroads into smaller towns through 10 GoldPlus showrooms and the company's foray into prescription eyewear began with the first Titan Eye+ store at Bangalore, located at the same place where the first Titan watch showroom started in 1987.

As a reflection of the strong performance of the company, the directors have recommended a dividend of 50 per cent, up from 30 per cent in the previous year.