Titan Industries, a Tata Group firm which is into retailing of watches and gold jewellery, has posted a 79 per cent increase in net profit to Rs 32.22 crore for the first quarter of the current fiscal as against Rs 17.99 crore for the corresponding period of last year as sales in gold jewellery once again came in with good numbers, growing 32 per cent.
Income from operations went up by 22.8 per cent to Rs. 819.06 crore, while profit before taxes increased by 73 per cent to Rs. 43.95 crore.
According to a statement from the company, all the divisions of the company performed well despite high inflation, spiraling oil prices and high volatility in gold prices.
Watch segment sales income increased by close by 2 per cent to Rs 171.89 crore for the current quarter, while The jewellery segment sales income grew 32 per cent to Rs. 615.72 crore during this year. The Company’s other products segment that include Eyewear, Precision Engineering, Machine Building and Clocks grew marginally to Rs.23.50 crore this year.
During the quarter the Company opened 29 New World of Titans, Tanishq, Eye+ and Gold Plus stores. Titan watches were launched in Pakistan and Tanishq opened its first exclusive boutique in the USA at Chicago.
