Titan Industries, a manufacturer and retailer of watches and jewellery, has seen a rise in its net profit of 88.2 per cent to Rs 87.1 crore owing to the spurt in gold prices and network expansion for the quarter ended September 2008 as compared to the same period during the previous year.
Titan's top line saw a jump of 52.4 per cent to Rs 1104.85 crore. Operating profit was up 63 per cent at Rs 118.4 crore. The company's sales from the watch segment grew by 18.8 per cent to Rs 303.45 crore while jewellery segment grew by 71.4 per cent to Rs 752.18 crore, which has been attributed to the increasing gold prices this quarter.
"We have had a significant expansion in the network," said Bhaskar Bhat, managing director, Titan Industries.
"Despite high volatility in gold prices, the Tanishq and Gold Plus showrooms continue to attract discerning customers. We will be launching a number of new collections in watches, jewellery and eyewear categories during the coming festival season," he added.
