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Titan Q3 Net Profit grows 24.3pc

Posted on Jan 30, 04:52PM | IBNS

Mumbai, Jan 30 : Titan Industries Ltd, the world's fifth largest wrist watch manufacturer, reported better sales performance in Q3 compared to Q2 and announced a growth of 23.2pc in income over the same quarter last year.

The overall income in the third quarter, October to December 2012, was Rs.2982.89 crore, as compared to last year's income of Rs.2421.68 crore during the same period.

The income for April to December 2012, the nine month period, stands at Rs.7415.92 crore, registering a growth of 14.3pc over last year.

The news on profits is very encouraging. The net profit for Q3 is Rs.203.73 crore, up from Rs.163.91 crore last year - a growth of 24.3pc .

The net profit for the nine months ended 31st December 2012 is Rs.539.96 crore, up 18.4pc over last year.

The profit before tax is Rs.278.88 crore for Q3 and Rs.739.16 crore for the nine months ended 31st December 2012.

The income for watches was Rs.423.53 crore in Q3 as compared to Rs.383.11 crore last year, a growth of 10.5pc .

On the other hand, jewellery business recorded an impressive income growth of 26.7pc in Q3 over last year.

It had an income of Rs.2515.24 crore this year in Q3 as compared to Rs. 1985.87 crore last year. Other businesses of the Company comprising Precision Engineering, a B2B business, the Eyewear business and accessories grew by 4.3pc in Q3.

The combined income of these businesses in Q3 was Rs.98.26 crore as compared to Rs.94.22 crore last year.

Bhaskar Bhat, Managing Director of the company, said: "The third quarter has been a good quarter for the company and 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."