Titan Company Ltd today reported a 3.59 per cent increase in standalone net profit at Rs 186.65 crore for the second quarter ended September 30, 2013-14.

The company had reported net profit of Rs 180.17 crore for the July-September quarter of last fiscal, 2012-13.

Titan’s net sales were at Rs 2,290.02 crore during Q2 2013-14, an increase of 1.40 per cent as against Rs 2,258.29 crore in the year-ago period.

Titan Industries Managing Director Bhaskar Bhat said: “This was a challenging quarter on account of weak consumer sentiment, particularly for discretionary purchase categories such as watches and jewellery. The continued inflation and the weak rupee are affecting demand as well as costs and interest rates that continue to be at high levels.”

Titan’s revenue from watches during the quarter was at Rs 442.36 crore, down 6.23 per cent, although revenues from jewellery increased by 4.3 per cent at Rs 1,798.07 crore.

“The watch and eyewear businesses of the company, with decent import content, continued to be affected by input cost increases and adverse currency movements.” the company said.

On the outlook for the quarter ahead, Bhat said: “Given the good monsoon across the country and a likely change in consumer sentiment driven by stock market movement, we are hopeful of a good second half.”

Overall expenses of the company were at Rs 2,082.14 crore during the quarter under review, an increase of 2.08 per cent as compared with Rs 2,039.6 crore in the year-ago period.

Shares of Titan Industries were trading at Rs 258 apiece in afternoon trade, up 0.90 per cent from their previous close.

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Published on October 31, 2013