Jewellery sales drive Titan Ind Q3 net up 24% at Rs 204cr
Titan Industries reported a 24 percent year-on-year rise in third quarter net profit at Rs 204 crore, helped by strong sales growth, particularly in the jewellery business.
January 30, 2013 / 18:50 IST
Moneycontrol Bureau
Titan Industries reported a 24 percent year-on-year rise in third quarter net profit at Rs 204 crore, helped by strong sales growth, particularly in the jewellery business.The company, which also makes watches and eyewear, said revenue for the Oct-Dec quarter was up 23 percent to Rs 2,983 crore.Analysts on average were expecting Titan to report a net profit of Rs 205 crore on revenue of Rs Rs 2,910 crore, according to a CNBC-TV18 poll.The company's jewellery business sales rose 27 percent to Rs 2,515 crore. Watch business saw a growth of 11 percent at Rs 424 crore.However, sales in other businesses, which include precision engineering, eyewear, accessories and a B2B business, saw slow growth of 4 percent year-on-year at Rs 98 crore."Overall sales trend is encouraging. Consumer sentiment is turning positive with the stock markets picking up. Retail stores are experiencing an increase in footfall and the festive season in this quarter was a good one for all our brands, though demand had to be stimulated through investments in mass communication. We hope to carry forward this momentum into the last quarter," said Bhaskar Bhat, MD.In the third quarter, Titan's total expenses were up 23 percent at Rs 2,749 crore, while input costs rose 49 percent to Rs 1,876 crore.Titan shares closed up 2.2 percent at Rs 275.60 on NSE on Wednesday. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
