Titan Industries net profit up by 43.9 per cent
October 29, 2007

The performance indicators at Titan Industries continue to move at an impressive pace. During the second quarter, the company registered an income of Rs725.52 crore as compared to Rs539.04 crore, during the corresponding period last year, which was an increase of 34.6 per cent. However, the company's net profit increased at a higher rate of 43.9 per cent in the second quarter to Rs46.30 crore from Rs32.18 crore last year.

All the company's businesses have performed well, with the core businesses — watches and jewellery, growing significantly over the previous year. The company's watch sales grew by 22.2 per cent with its income increasing from Rs224.86 crore during the second quarter of last year to Rs274.80 crore during the second quarter of this year. Jewellery income grew by 45.6 per cent to Rs432.40 crore during the second quarter of current year from Rs296.90 crore during the second quarter of last year, due to the increased demand for branded jewellery.

The first half of the current year has shown good growth. Net profit has increased by 62.5 per cent, from Rs36.27 crore during last year to Rs 58.94 crore this year. Watch sales grew by 19.3 per cent to Rs445.72 crore and jewellery sales have grown by a spectacular 54.7 per cent to Rs905.25 crore. Total sales are up by 40.8 per cent from Rs990.37 crore during last year to Rs1392.64 crore this year.

"Our company’s strong presence in all important consumer segments across watches and jewellery together with a vibrant retail network have contributed to this continual stellar performance," said Bhaskar Bhat, managing director, Titan Industries. He added: "The coming festival season will see a host of exciting new products and collections offered to the consumers in line with Titan’s philosophy of consumer led innovation."