Titan Industries Ltd has recorded the net profit of Rs.137.57 crore in Q3 of FY 2010-11, up from Rs.75.43 crore during the same period last year.
The overall growth and improvement in performance of the company this year has been triggered by good retail growth across all its brands and retail chains. Titan Industries retail chain is 624 stores strong, as on 31st December 2010 and is rapidly expanding with aggressive growth plans in place for all its retail business – watches, jewellery and eyewear.
The company recorded a growth of 46.9 per cent in income, growing from Rs.1339.77 crore last year to Rs.1967.91 crore this year in Q3. The company’s PBT stands at Rs.199.87 crore in Q3 as against Rs.98.28 crore during the same period last year, registering a growth of 103.4 per cent.
Jewellery income in Q3 stood at Rs.1578.83 crore a growth of 49.7 per cent over last year’s income of Rs.1054.52 crore. The watches business recorded an income of Rs.325.12 crore as against Rs.240.94 crore last year in Q3, a growth of 34.9 per cent. The eyewear format has grown its retail presence through Titan Eye+ stores to over 40 towns
The official communique says that the Asian markets are looking up and the watch business in overseas markets grew by 15 per cent over last year. Despite a 19 per cent increase in gold price this year in Q3 over same period last year, Tanishq has recorded high sales growth in both plain and studded jewellery. The company maintained the momentum of retail expansion across all its businesses and ended the quarter with a total of 624 retail outlets covering a retail area of 7.7 lac sq.ft nationally.
Bhaskar Bhat, MD of the company, stated, “The Indian economy is continuing to do well with most sectors reporting excellent growths over previous year. Following the superlative performance in the first half backed by retail sales growth, all our businesses outperformed in the Q3 due to excellent festive season demand.”
– IndiaRetailing Bureau