Mumbai: Titan Industries Ltd on Monday reported a 41% rise in its first-quarter net profit, helped by higher watch sales, beating expectations.
The watch and jewellery retailer reported April-June net profit of Rs460.4 million, on net sales of Rs8.82 billion, compared with Rs330 million forecast by a Reuters poll of brokerages.
Revenues from its watch segment rose 21.3% to Rs2.08 billion in the quarter, while the jewellery segment grew a marginal Rs3.2 to Rs6.35 billion, as gold prices remained high in the quarter, Titan said in a statement.
Titan Industries sells watches under a range of brands across price points, and operates two jewellery retail chains — Tanishq and Goldplus — as well as an eyewear chain Titan Eye+.
The company sells watches under its premium brand Titan and economy brand Sonata.
Sales from Titan’s ‘other products’ category which include eyewear, precision engineering, machine building and clocks rose to Rs391.4 million from Rs235 million.
The firm opened 18 retail stores across categories in the quarter, Titan added.
Shares of Titan ended up 1.99% at Rs1,340.05 in the Mumbai market.