Titan Industries, India’s leading watches, jewellery and eyewear retailer, has recorded a growth in its income by 62.5 per cent in Q1 over last year, the profit after tax for the same period grew by 76.4 per cent to Rs. 143.36 crore from Rs. 81.28 crore last year. The overal growth and improvement in the company’s performance has been triggered by good retail growth across all its brands and retail chains.
Commenting on the record growth, Bhaskar Bhatt, managing director, Titan Industries, said: “The year has begun well for us and Quarter 1 has been a healthy quarter marked by good growth in retail and all other channels. People are our biggest asset and our company has once again been ranked 1st in the retail category as a great place to work. The economy, however, is showing some signs of slowing down with inflation being a major concern.”
The jewellery business has been the biggest contributer to the profit registering an income Rs. 1633.74 crore, a growth of 71.9 per cent over last year’s income of Rs. 950.54 crore. The watches business recorded an income of Rs. 313.06 crore as against Rs.254.02 crore last year, growng by 23.2 per cent. Company’s other businesses, eyewear and precision engineering also grew by 44 per cent to Rs. 77.45 crore. The revenue of the company exceeded Rs. 2000 crore in a quarter for the first time. A record growth in the income from Rs.1260.24 crore last year to Rs.2047.93 this year in Q1.
The retailer opened 30 stores in the first quarter with an expanson in all iys business verticals. The company had a total of 696 stores till June 2011 and has plans of rapid expansion.
– IndiaRetailing Bureau