Titan Industries Q4 net profit up 29% at Rs 185cr
Titan Industries' fourth quarter net profit rose 29 percent year-on-year to Rs 185 crore and net sales gained 15 percent to Rs 2,593 crore.
Moneycontrol Bureau
Watches and jewellery maker Titan Industries' fourth quarter net profit rose 29 percent from a year ago to Rs 185 crore.Its net sales in the three month period were up 15 percent year-on-year to Rs 2,593 crore.Analysts on average had expected Titan to report a net profit of Rs 175 crore on sales of Rs 2,708 crore, according to a CNBC-TV18 poll.The company had other income of Rs 30 crore in Jan-March, compared with Rs 26 crore, a year ago.Titan Industries said economic environment in FY13 was challenging, but it was still a milestone year for the company. Its sales grew 15 percent to Rs 10,009 crore and profit before tax rose 20 percent to Rs 1,006 crore. Its full year net profit gained 21 percent to Rs 725 crore.Among its key businesses, jewellery income rose 15 percent to Rs 8,108 crore and watches sales were up 10 percent to Rs 1,676 crore in FY13.Other business, which includes eyewear, accessories and precision engineering, saw sales increase 26 percent to Rs 414 crore.Titan added 126 stores across its retail network, last year. As of March 31, it had 953 outlets."The year 2012-13 was a challenging year given the economic environment that was subdued and other adverse factors like the high price of gold that impacted our jewellery business," said Bhaskar Bhat, MD. He is confident of the new financial year and said the company had "aggressive plans."Titan shares closed down 1.3 percent at Rs 270.50 on NSE on Friday. The results were announced after markets closed.
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