Titan Industries is trading higher by over 4% at Rs 269 after reporting 21% year-on-year (yoy) growth in net profit at Rs 180 crore for the second quarter ended September 2012. The net profit was slightly better than analyst estimates of Rs 171 crore. Net revenues grew 9% at Rs 2,276 crore on y-o-y basis.
“The second quarter retails sales growth in all our formats indicates a change in consumer sentiment with a willingness to spend on attractive offers and products,” said Bhaskar Bhat, Managing Director, Titan Industries said.
“Demand had to be stimulated through investment in advertising. The expectation, therefore, for the festive season is positive even though sales may come at a cost. We are introducing several new products and opening many stores early in the third quarter,” he added.
The stock opened at Rs 261 and hit a high of Rs 273 on the BSE. As many as a combined 2.1 million shares have already changed hands on the counter in morning trades against an average 1.35 million shares that were traded daily in past two weeks.