Titan Industries has ended the first nine months of 2008 – 09 with a sales turnover of Rs 2958.79 crore, compared to Rs. 2205.15 crore during the nine months of the previous year. The profit before taxes (PBT) for the current nine-month period is at Rs 204.06 crore compared to the PBT of Rs 132.31 crore for the nine months of the year 2007-08, according to a company press release.
The company ended the third quarter October-December 2008 with a sales turnover of Rs 1034.88 crore, registering a growth of 27.2 per cent over the third quarter of last year. PBT during this period rose by 23.1 per cent to Rs 46.84 crore compared to Rs 38.06 crore for the same period last year.
Both the watch division and the jewellery division grew their businesses. During the nine months ended December 2008, the watch division sales grew by 9.6 per cent from Rs 609.90 crore last year to Rs 668.45 crore this year. Jewellery division grew by over 44 per cent to Rs 2156.59 crore this year from Rs 1496.66 crore during the corresponding period last year.
Eyewear business has expanded its network aggressively, has now 50 stores.
The present economic slowdown has had some impact on the company’s operations during the quarter. The watch division has seen lesser walk-in’s in malls and large format stores in big cities resulting in lower growth. However, customers have continued the momentum of purchasing jewellery from our Tanishq and Gold plus outlets and the jewellery division has grown at a robust pace. However, the coming months would see a number of new product offerings from all the watches and jewellery divisions, to stimulate walk-ins and sales at our retail outlets, added the release.
— IndiaRetailing Bureau