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RAPAPORT... Profits at Titan Industries soared in first fiscal quarter 2009 boosted by strong growth in its Tanishq jewelry segment.
The India-based company said net profits rose 79 percent to INR 32.22 crore ($7.6 million) for the three months ending June 30, 2008.
Net sales rose 23 percent to INR 810.31 crore ($191.68 million,) Titan reported on the Bombay Stock Exchange (BSE.)
“Despite high inflation, spiraling oil prices and high volatility in gold prices, all the divisions of the company performed well,” N. Kailasanathan, senior vice-president of corporate communications, said in a note to the BSE.
Sales at the company’s flagship jewelry segment, Tanishq, rose 32 percent to INR 615.72 crore ($145.65 million.) Titan’s watch segment sales grew 2 percent to INR 171.89 crore ($40.66 million,) and “other” sales, consisting of eyewear, precision engineering, machine building and clocks, increased 3.8 percent to INR 23.5 crore ($5.6 million.)
Titan’s expenses grew 22 percent to INR 754.25 ($178.42 million.)
The company said it opened 29 new World of Titan, Tanishq, Eye+, and Gold Plus stores during the period. In addition, Titan watches were launched in Pakistan and Tanishq opened its first exclusive boutique in the United States, in Chicago, Titan reported.
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