Titan Industries reported that its second quarter Net Profit has jumped up by 88.2%. The company reported its net profit increased to Rs87.14cr from Rs46.30cr in same quarter previous year.
The Company registered an increase of 52.4% in its income which was Rs1,104.85cr as compared to Rs725.11cr, during the corresponding period last year.
The groups’s core businesses-Watches and Jewellery, have grown significantly over the previous year, the company said in a statement.
The Company’s Watch sales grew by 18.8% with its income increasing from Rs255.34cr during the second quarter of last year to Rs303.45cr in second quarter of 2008.
While the Jewellery income grew by 71.4% to Rs752.18cr versus Rs438.84cr in same period previous year. The spurt in jewellery income was also due to the increase in gold price during the quarter, the company said.
“We have had a significant expansion in the network. Despite high volatility in gold prices, the Tanishq and Gold Plus showrooms continue to attract discerning customers who value our products and service offerings. We will be launching a number of new collections in watches, jewellery and eyewear categories during the coming festival season,” said MD of Titan Industries, Bhaskar Bhat.
The group’s other businesses grew by 93.7% from Rs17.62cr during the quarter in 2007 of last year to Rs34.13cr during the corresponding period this year.
The company said in a statement that the first half of the current year has shown good growth and its Net profit has jumped by 102.5%, from Rs58.94cr during last year to Rs119.36cr this year.
Watch sales have grown over 12% to Rs475.34cr and Jewellery sales have grown by 51% to Rs1,367.90cr compared to last year. Total sales are also reported to be up by 38.2% from Rs1,391.70cr during last year to Rs1,923.91cr this year.
The Company registered an increase of 52.4% in its income which was Rs1,104.85cr as compared to Rs725.11cr, during the corresponding period last year.
The groups’s core businesses-Watches and Jewellery, have grown significantly over the previous year, the company said in a statement.
The Company’s Watch sales grew by 18.8% with its income increasing from Rs255.34cr during the second quarter of last year to Rs303.45cr in second quarter of 2008.
While the Jewellery income grew by 71.4% to Rs752.18cr versus Rs438.84cr in same period previous year. The spurt in jewellery income was also due to the increase in gold price during the quarter, the company said.
“We have had a significant expansion in the network. Despite high volatility in gold prices, the Tanishq and Gold Plus showrooms continue to attract discerning customers who value our products and service offerings. We will be launching a number of new collections in watches, jewellery and eyewear categories during the coming festival season,” said MD of Titan Industries, Bhaskar Bhat.
The group’s other businesses grew by 93.7% from Rs17.62cr during the quarter in 2007 of last year to Rs34.13cr during the corresponding period this year.
The company said in a statement that the first half of the current year has shown good growth and its Net profit has jumped by 102.5%, from Rs58.94cr during last year to Rs119.36cr this year.
Watch sales have grown over 12% to Rs475.34cr and Jewellery sales have grown by 51% to Rs1,367.90cr compared to last year. Total sales are also reported to be up by 38.2% from Rs1,391.70cr during last year to Rs1,923.91cr this year.
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