Titan Company's net profit declined 18.8% to Rs 165.57 crore on 11.12% decline in total income to Rs 2701.84 crore in Q3 December 2013 over Q3 December 2012. The result hit the market after trading hours on Wednesday, 29 January 2014.
The overall trend in sales over the last 3 quarters has been similar across all brands and channels with Q3 December 2013 registering the lowest growth this year due to a poor festive season, Titan Company said in a statement. Titan's income from jewellery business fell 15.4% to Rs 2126.67 crore in Q3 December 2013 over Q3 December 2012. The company said the decline in sales was primarily due to lower demand for gold Jewellery. The jewellery industry was adversely impacted by the regulatory measures implemented to restrict gold imports. The first quarter had seen a surge in demand for gold jewellery due to lower gold prices.
Titan's income from watches business rose 7.5% to Rs 455.48 crore in Q3 December 2013 over Q3 December 2012. Titan said that the combined total income of Precision Engineering, a B2B business, the eyewear business and accessories business, jumped 18.6% to Rs 116.52 crore in Q3 December 2013 over Q3 December 2012.
The Titan Company retail chain is 1,039 stores strong (as on 31st December 2013), with the retail area crossing 14 lac sq.ft. nationally for all its brands.
Commenting on the financial performance, Mr. Bhaskar Bhat, Managing Director, Titan Company, said: "The sentiments in the market continue to be weak and the company witnessed an extremely poor retail-sales quarter for both its watches and jewellery businesses. The impact of festive season this quarter was much below our expectations. Although the stock market has picked up, the high inflation levels have resulted in lower disposable income in the hands of consumers. In the last quarter of this financial year we have planned aggressive sales promotions for both watches and jewellery to stimulate demand and generate consumer interest in these categories. We will continue to make adequate investments in mass communication and build our brands".
Hero MotoCorp, Trent, Voltas, EIH, Bank of India, Jindal Saw, JSW Energy, Bayer CropScience, Coromandel Engineering Company, EID Parry (India), Hindustan Construction Company, Indiabulls Real Estate, Neyveli Lignite Corporation, Phoenix Mills, Piramal Enterprises, Shoppers Stop, Siemens, State Bank of Travancore and Tata Teleservices (Maharashtra), among others, will announce their October-December 2013 earnings today, 30 January 2014.
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Tata Global Beverages' board has decided that Ajoy Misra, presently the Executive Director of Tata Global Beverages (TGBL) be elevated and appointed as the Managing Director of TGBL effective 1 April 2014, in place of Mr. Harish Bhat, who will step down at close of business on March 31, 2014 and move into a senior advisory position in the Tata Group.
The appointment of Mr. Misra as the Managing Director will be subject to all statutory approvals as required and the approval of the members of the Company.
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