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Our Bureau

Bangalore, Oct. 20 Titan Industries posted an 88 per cent increase in net profit to Rs 87.14 crore (Rs 46.30 crore) during the second quarter of 2008-09 largely driven by increase in jewellery income.

While income from the traditional watch business grew nearly 19 per cent to Rs 303.45 crore (Rs 255.34 crore), income from Tanishq and GoldPlus, its jewellery chains, grew 71.4 per cent to Rs 752.18 crore (Rs 438.84 crore) because of increase in gold prices during the quarter, a press release from the company said.

The press release said Titan registered a 52.4 per cent increase in income to Rs 1,104.85 crore (Rs 725.11 crore) during the second quarter. Titan Industries now has five watch brands — Titan, Sonata, Fastrack, Xylys and Nebula, two jewellery chains — Tanishq and Goldplus, and an eyewear chain — Titan Eye+. The company added 15 World of Titan and nine Tanishq outlets this quarter, taking its total network to 243 World of Titan and 12 Sonata watch showrooms, 114 Tanishq boutiques, 28 GoldPlus stores and 34 Titan Eye+ outlets.

The company’s other businesses — eye wear, precision engineering, machine building and clocks — grew nearly 94 per cent to Rs 34.13 crore (Rs 17.62 crore) during the same period. “Despite high volatility in gold prices, the Tanishq and GoldPlus showrooms continue to attract discerning customers. We will be launching a number of new collections in watches, jewellery and eyewear categories during the coming festival season,” said Mr Bhaskar Bhat, Managing Director, Titan Industries Ltd in the press release.

In the first half of the current year, the company’s net profit grew 102.5 per cent to Rs 119.36 crore (Rs 58.94 crore). Watch sales grew 12.1 per cent to Rs 475.34 crore and jewellery sales 51.1 per cent to Rs 1,367.90 crore. The company’s total sales were up 38.2 per cent to Rs 1,923.91 crore during the same period.

Titan Industries shares ended at Rs 849.35 on the Bombay Stock Exchange, up Rs 9.30.

More Stories on : Gems & Jewellery | Watches & Accessories

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