The Hindu Business Line : Titan Ind net profit rises 44%

Bangalore, Oct. 29 Riding high on improved brand equity and a strong retail presence, Titan Industries has posted a 43.9-per-cent rise in net profit for the second quarter this financial year at Rs 46.30 crore, against Rs 32.18 crore during the same period last year. The company registered a 34.6 per cent increase in income at Rs 725.52 crore (Rs 539.04 crore).

“Our company’s strong presence in all important consumer segments across watches and jewellery, together with a vibrant retail network, has contributed to this continual stellar performance,” said Mr Bhaskar Bhat, Managing Director, Titan Industries.

“We have a strong retail network with 225 World of Titan showrooms, 100 Tanishq stores and 17 GoldPlus outlets. Our brand strength has improved this quarter with better advertising, slew of new products and new showroom formats which are more consumer focussed.”

Jewellery biz outpaces

Jewellery business as usual outdid watch sales.

While the watch sales grew 22.2 per cent (at Rs 274.80 crore), income from the jewellery business grew by 45.6 per cent (Rs 432.40 crore), “due to the increased demand for branded jewellery.”

In the first half of the current year, net profit increased by 62.5 per cent to Rs 58.94 crore. Total sales were up 40.8 per cent at Rs 1,392.64 crore.

Mr Bhat said the company was looking forward to a great festive season.

“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.”

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