Titan Industries, a Bangalore-based watch and jewellery arm of Tata Group, today reported 41 per cent jump in its net profit at Rs 46.04 crore for the quarter ended June 30, 2009 compared to the corresponding quarter last fiscal.
Its sales for the quarter were up by 9 per cent at Rs 888.60 crore as against the same period a year ago. Operational profit was up by 45.6 per cent year on year at Rs 70.4 crore.
Titan's watch segment sales income increased by 21.3 per cent to Rs 208.5 crore in the first quarter compared to the same a year ago. The jewellery segment sales income grew by 3.2 per cent to Rs 635.55 crore during the quarter as against the same period last year, against the backdrop of high gold prices.
The company's other products segment that includes eyewear, precision engineering, machine building and clocks grew by 66.6 per cent to Rs 39.14 crore this year.
Retail expansion continued with opening of 18 more stores across all categories and brands. The total retail space under the company's control now exceeds 6,00,000 sq ft.
For a more accurate reflection of the operational perfornance and appropriate presenation of the financial statements, Titan has adopted First-in-First-Out method of valuing gold inventory from April 1, 2009 as against weighted average method adopted till March 31, 2009.
This change has resulted in a higher profit before taxes of Rs 30.03 crore during the current quarter, the company said in a press release.