The Hindu Business Line : Titan clocks Rs 32-cr net in first quarter

Bangalore, Aug. 2 Titan Industries made light of the inflationary pressure and volatility in gold prices to clock a higher net profit of Rs 32.22 crore during the first quarter of the current financial year, an increase of Rs 14.23 crore over the corresponding period in FY 2008.

Income from operations grew by more than 70 per cent at Rs 816.06 crore (Rs 666.59 crore) for the first quarter of FY 2009.

Despite high inflation, spiralling oil prices and high volatility in gold prices, all the divisions of the company have performed well, said a company release.

Jewellery segment

Jewellery segment income recorded an increase of 32 per cent to Rs 615.72 crore from Rs 466.41 crore in the corresponding period last year. Watch segment posted a jump in its contribution to Rs 171 crore from Rs 168.83 crore while the other product segments, including eyewear, precision engineering, machine building and clocks grew from Rs 22.65 crore to Rs 23.50 crore.

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