Titan Industries ends QI on a promising note

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After ending the last financial year with the Company clocking its best ever performance, Titan Industries ended the first quarter on a promising note with a 50% growth in sales. 

 

Income from operations went up to Rs.449.92 crores from Rs.300.16 crores during the corresponding period last year, and the Company's profit before taxes doubled from Rs.2.64 crores last year to Rs.5.26 crores in the first quarter this year. 

 

Last year, there was a deferred tax credit of Rs.3.63 crores and taxes payable were     Rs.1.25 crore. Profit after taxes at Rs.5.02 crores, was thus higher than the PBT for the quarter. This year, the deferred tax credit is only Rs.0.67 crore and taxes payable for the quarter are Rs.1.84 crore.  Thus, Profit after taxes at Rs. 4.09 crores, is lower than in the first quarter of the previous year.

 

 All the Divisions of the Company have performed well. 

 

The Company's Watch Division grew by 18%, increasing its sales income from Rs.126.09 crores during the first quarter last year, to Rs.148.68 crores in the corresponding period this year.  The Jewellery Division also grew significantly, by over 70% from Rs.166.12 crores last year to Rs.288.25 crores this year.

 

The Company's 'Other Products' segment, which includes Precision Engineering and Accessories & Licensed Products - the newer businesses that the Company has embarked upon recently - also grew their sales turnover by over 60% from Rs.8.39 crores last year to Rs.13.56 crores this year.

 

Titan Industries continues to be the market leader in both its major product categories, and to sustain this leadership, the Company's spends on advertising and brand building went up by over 50% to cross Rs 40 crores during the first quarter.

 

During the first quarter of the current financial year the Company also completed the allotment on 12 May 2006 of the new shares and debentures consequent to the Rights Issue.  With a total inflow of Rs 126.78 crores from the Rights Issue, the Company is set to embark on an ambitious programme of further expansion of its retail outlets and its manufacturing base.

 

Sourced From : Titan Industries