Jewelry Segment Drives Titan’s Growth in Q2

Boosted by a strong 45.6 percent increase in revenue from sales in the jewelry segment, where it operates under the brand name Tanishq, Titan Industries reported a 34.6 percent rise in income and a 43.9 percent rise in net profit for the 2007-2008 second quarter ended September 30.

Overall income from the watch and jewelry divisions stood at Rs. 7.255 billion ($184.57 million), rising 35 percent from the corresponding period last year, while net profit across both segments rose 44 percent to Rs. 463 million ($11.78 million) this year.

Income from the jewelry business was up 46 percent to Rs. 4.324 billion ($110 million), while watches showed a year-over-year growth of 22.2 percent to Rs. 2.748 billion ($69.91 million).

In the first half of the fiscal year, jewelry sales reached Rs. 9.053 billion ($230.31 million) registering a 54.7 percent rise, while watch sales grew by 19.3 percent to Rs. 4.457 billion ($113.39 million). Total sales are up 40.8 percent from Rs. 9.904 billion ($251.96 million) during last year to Rs. 13.926 billion ($354.28 million) this year.   

Titan Managing Director Bhaskar Bhat notes that the company’s strong presence in all-important watch and jewelry consumer segments, together with a vibrant retail network, has been a strong driver of growth.

Tanishq recently opened its 100th store in India, at Patna in the northern state of Bihar.