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RAPAPORT... Titan Company Ltd. reported that sales increased 9.2 percent year on year to $475.4 million (INR 29.225 billion) in the third quarter that ended on December 31. Company expenses rose 9.1 percent to $434.3 million (INR 26.699 billion) and profit after taxes jumped 15.2 percent to $31 million (INR 1.907 billion). Titan's watch segment sales declined 1.9 percent year on year to $72 million (INR 4.426 billion); however, jewelry segment sales jumped 11.2 percent to $381.8 million (INR 23.474 billion). Revenue from other segments, such as eyewear and engineering, improved 14.8 percent to $21.7 million (INR 1.337 billion). The firm's jewelry brand Tanishq held two successful launches during the quarter to boost jewelry sales with the “affordable Tanishq” and a new “wedding” campaign. Bhaskar Bhat, the managing director of Titan, said, “Titan Company, with a large portfolio of strong brands, operating in multiple industries, grew by over 9 percent in the third quarter. This period, which is a festival quarter, faced heightened activity from ecommerce players, participating in this gifting season. Going forward, the market sentiment is looking good, with the fiscal budget from the new government coming up, a drop in inflation and positive global factors like the slump in oil prices. The company is gearing up for the last quarter with launches of new products and advertising campaigns that are lined up, including activation by some of the brands.” The Titan Company operates 1,172 retail chain stores, representing 1.5 million square feet of floor space. Titan has added 151 stores in the past nine months.
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