Titan Inds Q1 net up on robust retail growth

Titan Inds Q1 net up on robust retail growth

Mumbai: Watch and jewellery maker Titan Industries Ltd on Tuesday posted robust first-quarter numbers on the back of a strong retail performance.

“We have witnessed a strong retail growth across all our brands and retail chains," Bhaskar Bhat, managing director, said.

The firm currently has 568 retail outlets across all its business segments which include watches, jewellery and eyewear.

Titan posted a net profit of Rs813 million from Rs460.4 million in the same period a year ago. Net sales grew 42% at Rs12.53 billion.

“The growth in watches as well as jewellery was driven by a good wedding season in quarter one in the domestic market. The Asian markets are looking up and the watch business in the overseas markets grew by 52% over last year," Bhat said.

Titan, which retails watches under a range of brands including the premium Titan and the economy brand Sonata, said its watch segment reported an income of Rs2.54 billion, up 22% from the same quarter a year earlier.

The firm’s jewellery business posted a 50% rise in income to Rs9.5 billion.

The firm sells jewellery under the ‘Tanishq´ and ‘Goldplus´ brand, retails accessories such as eyewear under ‘Titan Eye´ and is also into the precision engineering business.

Shares of the firm ended up 1.33% at Rs2,824.3 in a firm Mumbai market.