Titan Annual Jewelry Sales $506 Million
April 28, 08
Titan Industries ended the fiscal year on a high note, reporting a 57 percent rise in total jewelry sales. Titan, the parent company of
Titan enjoyed a strong 42.3 percent growth in turnover during fiscal 2007-08, totaling Rs 30.41 billion ($$758.54 million).
Titan’s watch sales grew by 17.2 percent to Rs. 9.19 billion ($229.18 million) and sales of other products, including eyewear, accessories and precision engineering components, rose by 53.1 percent to Rs. 960 million ($24 million).
A company statement noted that while all of its brands have done well, new ones such as Jodhaa Akbar collection, and the venture into mass market plain gold jewelry retailing through Gold Plus, have been very good.
The company now has 20 Gold Plus stores across the country, in addition to its 100 Tanishq stores. Sales of Gold Plus jewelry alone came to more than Rs 2 billion ($50 million) this year.
Titan’s pre-tax profits rose by 53.7 percent to Rs. 2.023 billion ($504.49 million), while net profit for the year stood at Rs 1.503 billion ($375 million).