Titan Industries has clocked record performances during the first quarter of the financial year with the net profit zooming to Rs.12.64 crore which is three times the net profit of the corresponding quarter in the previous year.
Income from operations went up to Rs. 666.59 crore during the current year from Rs. 449.92 crore during the corresponding period last year, and the Company's profitbeforetaxesincreased nearly five times to Rs. 25.36 crore compared to Rs. 5.26 crore last year. Capitalemployed atRs. 579.23 croreattheendofthe 1st quarterofthecurrentyearis also lower compared to 31st March 2007 by Rs. 12.66 crore.
All the divisions of the Company have performed well.
Watch segment grew by about 15%, with sales income increasing from Rs. 148.68 crore during the first quarter of last year to Rs. 170.92 crore during the corresponding period this year. The jewellery segment grew significantly with sales incomeincreasingfrom Rs. 288.25 crore duringthefirstquarteroflastyearto Rs. 472.85 crore during this year.The Company's other products segment that include Eyewear, Precision Engineering, Machine Building and Clocks grew their salesbyover71%fromRs.13.56 croreduringthefirstquarteroflast year to Rs. 23.24 crore this year.
The Company's recent retail initiatives - GoldPlus jewellery stores for the mass market and Titan Eye+ eyewear stores for the prescription eyewear market are showing promising sales.While GoldPlus stores are present in 12 semi-urban towns, Titan Eye+ is being piloted in 5 stores across Bangalore and Nagpur.
