Titan triples profit in Q3

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Titan Industries Limited has come up with a record performance, tripling its profit after tax to Rs.78.35 crore, in Q3 this year as against Rs 23.52 crore last year. The net profit in the same quarter last year however was impacted to the tune of Rs.19.44 crore : Rs.12.78 crore due to reduction in the discount rate for actuarial valuation of Gratuity & Leave Salary and Rs. 6.66 crore towards interest on income tax of earlier years. Even after accounting for these, PAT has shown a healthy increase of 82.4 per cent over the same quarter last year.

The company recorded a growth of Rs.29.5 per cent in income, growing from Rs.1034.88 crore last year to Rs.1399.77 crore this year in the Q3. The company’s PBT stands at Rs.98.28 crore in Q3 as against Rs.41.01 crore during the same period last year. For the nine month period ended December 2009, PBT crossed the Rs.250 crore mark and stood at Rs.259.37 crore as against Rs. 199.60 crore during the same period last year.

The Company maintained the momentum of retail expansion across all its businesses and closed December 2009 with 518 stores nationally, with a total retail area of 6.6 lakh sq.ft in 143 towns.

— IndiaRetailing Burreau

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