The Hindu Business Line : Titan reports 42 pc growth in sales

TITAN Industries Ltd has registered 42 per cent growth in sales during the first quarter ended June 30. Income from operations went up to Rs 209.16 crore from Rs 146.77 crore during the corresponding period last year.

The company's profit before depreciation, interest and taxes increased from Rs 3.20 crore to Rs 4.58 crore. Capital employed also reduced from Rs 636.32 crore to Rs 586.65 crore.

Both the Time Products Division as well as the Jewellery Division (Tanishq) grew over last year. The Time Products Division grew to Rs 95.54 crore from Rs 90.97 crore during the corresponding period last year. The Jewellery Division recorded a sale of Rs 114.12 crore powered by retail sales growth of 25 per cent over the previous year. Jewellery sales in the first quarter of last year at Rs 56.06 crore were, however, not strictly comparable as it was impacted by restructuring of operations and stock correction, the company said in a statement.

The first quarter results are not an indication of the full year's performance.

Sales and profit are skewed to the subsequent quarters when trade purchases peak to meet consumer demand during the festival and marriage seasons that follow.

The company, however, reported a much lower loss before taxes at Rs 7.94 crore against Rs 12.47 crore reported last year.