After an encouraging performance in the first two quarters, Titan Industries Ltd has come up with a good performance during the third quarter of FY12. The Q3 net profit has grown to Rs 163.91 crore from Rs 137.57 crore during the same period last year, recording a growth of 19.2 per cent.
The overall growth of the company in this year has been aided by the strength of its brands despite the economic slowdown and the resultant decline in consumer demand in Q3.
In a release issued, Bhaskar Bhat, Managing Director, Titan Industries Ltd, remarked, “The Indian economy continues to face some headwinds and signs of a dip in consumer demand surfaced during the third quarter. Despite the weak market sentiments, Titan Industries Ltd would continue to invest in growth as per earlier plans given our rich portfolio of strong brands.”
The company recorded a growth of 25.6 per cent in income, growing from Rs 1967.91 crore last year to Rs 2471.48 crore in Q3 FY12.
All businesses of the company have recorded growth. Jewellery income in Q3 stood at Rs 1985.87 crore, a growth of 25.2 per cent over last year’s income of Rs 1586.79 crore. The watches business recorded an income of Rs 383.11 crore as against Rs 326.81 crore last year, a growth of 17.2 per cent. Other businesses of the company, comprising precision engineering, the eyewear business and accessories grew by 70.5 per cent in Q3 to Rs 94.22 crore. The eyewear business has grown its retail presence through Titan Eye+ stores to over 60 towns.
The company maintained the momentum of retail expansion across all its businesses and ended the quarter with a total of 786 retail outlets in 155 towns, crossing one million sq ft of retail space nationally and is rapidly expanding with growth plans in place for all its retail businesses – watches, jewellery and eyewear.