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Titan Industries 4Q Sales +15%, Profit +28%
May 5, 2013 6:11 AM
By Deena Taylor
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RAPAPORT... Titan Industries, owners of the Tanishq jewelry brand in India, reported that sales rose 15 percent year on year to $481.9 million (INR 25.93 billion) in the fourth quarter that ended on March 31, 2013. Net profit grew 28 percent to $34.4 million (INR 1.85 billion), while the company's expenses increased by 13 percent to $438.8 million (INR 23.62 billion).
Jewelry sales, which include sales from the company's three major jewelry brands Tanishq, GoldPlus and Zoya, rose 16 percent to $389 million (INR 20.93 billion) during the quarter, while the company's watch sales grew 1.5 percent to $78 million (INR 4.2 billion). Sales at Titan's other businesses, which include eyewear, precision engineering and accessories, jumped 40 percent to $23.9 million (INR 1.28 billion).
For the fiscal year that ended on March 31, 2013, Titan reported that net sales grew 14 percent to $1.86 billion (INR 100.19 billion). Net profit increased 21 percent to $134.8 million (INR 7.25 billion).
Jewelry sales increased 15 percent to $1.51 billion (INR 81.08 billion), watch sales grew 10 percent to $313.4 million (INR 16.87 billion) and sales at the company's other segments rose 26 percent to $76.9 million (INR 4.14 billion) for the year.
The company noted that its focus on retail network expansion continued
during the quarter with 45 outlets added across all its divisions. Titan ended the year with a total of 148 Tanishq stores across 84 towns.
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Tags:
Deena Taylor, Goldplus, Tanishq, Titan Industries, Zoya
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