Titan Q1 Net Profit Up On Strong Jewelry Sales

Titan Industries reported a 23 percent rise in sales and a 79 percent rise in profits during the first quarter of fiscal 2008-09. The Indian watch and jewelry firm owns the Tanishq brand and is part of industrial conglomerate Tata.

Titan’s strong performance was driven by a 32 percent rise in revenues from the jewelry segment. Jewelry sales grew to Rs. 6.157 billion ($145.7 million) from Rs. 4.664 billion ($110.37 million) in the first quarter of last year.

Revenues in the watch segment rose 2 percent, with sales increasing to Rs. 1.719 billion ($40.67 million) from Rs. 1.688 billion ($39.95 million) last year.

Total revenues in the first quarter rose to Rs. 8.103 billion ($191.74 million) net profits went up to Rs. 322.2 million ($7.62 million) this year. The jewelry segment contributed Rs. 355.2 million ($8.40 million) to the profit before tax, while the watch division earned Rs. 169.7 million ($4.02 million) in pre-tax profit. 

During the quarter, the company opened 29 New World of Titans, Tanishq, Eye+ and Gold Plus stores. Titan watches were launched in Pakistan and Tanishq opened its first exclusive boutique in the U.S. in Chicago.