Titan net up 88% to Rs 10.78 crore

BS 200 SCORECARD

Titan Industries net profit for the third quarter ended December 31, 2005, stood at Rs 10.78 crore December 2005, reporting a rise of 88 per cent over the corresponding quarter of the previous year. Sales turnover has moved up by 24 per cent to touch Rs 381.54 crore.

The first nine months of the financial year has seen growth in sales turnover go up by 30 per cent to Rs 1,047.22 crore, growth in sales of time products division by over 24 per cent to Rs 485.70 crore, and by over 36 per cent in jewellery sales to Rs 562.82 crore. For the nine-month period, net profit was Rs 36.41 crore as against Rs 10.27 crore in the same period last year.

Profits have been achieved after making provisions for Rs 20.23 crore (previous year Rs 10.77 crore) in respect to certain loans and advances to certain subsidiaries/associates.

The period has also seen increased outlays on domestic brand building and advertising amounting to Rs 16 crore over last year's figures.

The company said that while high gold prices have slightly dampened the demand for gold jewellery during the quarter, sales of diamond-studded jewellery have been encouraging. "Retail sales of both watches and jewellery remain well ahead of sales in the same period last year, and we are working on plans to further expand the retail chains for our brands," a spokesperson said.