Titan Industries quarterly results: turnover crosses Rs3,000 crore mark
April 25, 2008

Titan Industries achieved significant growth during the year ended 2007-08, with sales income at Rs3,041crore growing by 42.3 per cent from the previous year sales income of Rs2,136 crore. Also, profit before taxes grew by 53.7 per cent to Rs202.30 crore from Rs131.65 crore during the same period in the previous year.

Net profit for the year stood at Rs150.27 crore as compared to Rs94.13 crore in the previous year.

Watch segment sales grew by 17.2 per cent to Rs 918.7 crore, while jewellery sales went up by 57 per cent to Rs2,028 crore. Sales of other products, including eyewear, accessories and precision engineering components, rose by 53.1 per cent to Rs 96 crore.

During the quarter ended March 31, 2008, sales income grew by 27.5 per cent from Rs606 crore during the previous year to Rs835.9 crore. While the watch segment sales grew by 11 per cent, jewellery segment sales went up by 36 per cent as compared to the previous year. Profit before taxes for the quarter stood at Rs69.99 crore.

All brands of the company have performed well and new introductions in both watches and jewellery, viz, the Octane series in gents watches, the Raga Crystal for ladies and the Jodha-Akbar collection in Tanishq jewellery have had very good responses, which augur well for the future. The new eyewear business now has 10 stores and initial response from customers has been encouraging. Gold Plus — mass market brand for jewellery crossed the 200 crore sales during the year.

Considering the strong performance of the company, the directors have recommended a dividend of 80 percent (previous year: 50 per cent).