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Buoyed by a good festival season and retail growth across its brands, Titan Industries has reported a 82 per cent year-on-year growth in Q3 net profit at Rs 137.57 crore.
Net sales Net sales for the quarter grew 46 per cent to Rs 1,954 crore.
Among the various divisions, the jewellery business grew 49 per cent to Rs 1,578 crore, backed by good growth in Tanishq despite a 19 per cent hike in gold prices in Q3 over the same period last year.
Watch business The income from watches business recorded a growth of 35 per cent to Rs 325 crore, while the company's other business (eyewear and precision engineering) grew 37 per cent to Rs 55 crore.
The precision engineering division has had a challenging quarter, said the company.
Mr Bhaskar Bhat, Managing Director, Titan Industries, said, “The Indian economy is continuing to do well with most sectors reporting excellent growth over the previous year. All our businesses outperformed in Q3 due to excellent festive season demand.”
The Asian markets are looking up and the watch business in overseas markets grew 15 per cent over last year, said the company.
Titan Industries' retail chain was 624 stores strong as on December 31, 2010.
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