Titan Industries today posted a 76.5 per cent rise in net profit at Rs 81.28 crore for the first quarter of this financial year, compared to Rs 46.04 crore in the year-ago period, on the back of sound retail growth across all brands and retail chains.
Total income rose 42 per cent to Rs 1,260.2 crore from Rs 888.6 crore in the corresponding period last year. Operating profit was up by 46 per cent at Rs 103.14 crore.
“First quarter has been a healthy quarter, marked by good growth in retail and all other channels. The growth in profits has also been driven by several cost control initiatives,” Bhaskar Bhat, managing director of Titan Industries, said.
“The company, with a total retail outlet of 568 stores as on June 30, is rapidly expanding in all verticals — watches, jewellery and eyewear,” a company release said.
The total retail area of the company crossed 700,000 sq ft by the end of June, the release added.
Jewellery income rose by 49.6 per cent to Rs 950.54 crore, despite a 22 per cent increase in gold prices. “Despite 22 per cent increase in gold prices in comparison to last year, Tanishq has recorded high sales growth in both plain and studded jewellery,” the company said.
The watches business posted a revenue of Rs 254 crore, a rise of 21 per cent over the corresponding period last year.
During the quarter, the company's other businesses Eyewear & Precision Engineering grew 37.5 per cent to Rs 53.8 crore, it added.
