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RAPAPORT... Titan Company Ltd.'s revenue fell 11 percent year on year to $389 million (INR 25 billion) in the fourth quarter that ended on March 31; however, profit improved 4.2 percent to $32.8 million (INR 2.2 billion). Expenses fell 11.1 percent to $350 million (INR 22.5 billion).
Jewelry segment sales fell 15.3 percent to $285 million (INR 18.3 billion) in the fourth quarter, while watch segment sales rose 1.8 percent to $80 million (INR 5.1 billion). Revenue from Titan's other products, such as precision engineering and eyewear, jumped 12.8 percent to $26 million (INR 1.6 billion). Titan's consolidated revenue during the fiscal year rose 9 percent to $1.86 billion (INR 119 billion), while profit rose 11.1 percent to $127 million (INR 8.2 billion). Jewelry segment sales increased 9.2 percent year on year to $1.5 billion (INR 94.3 billion), watch sales rose 7.3 percent to $299 million (INR 19.2 billion) and other product sales jumped 12.4 percent to $90 million (INR 5.7 billion). Titan added 123 stores during the year, bringing the company's total number to 1,201 as of March 31, representing 1.6 million square feet of retail space. Bhaskar Bhat, the managing director of Titan, said, "The economic outlook for the year was quite good, but improvement in consumer demand has been lukewarm. Our jewelry business was also adversely impacted due to the regulatory changes and termination of the consumer-friendly 'Golden Harvest Scheme.' All our brands experienced good growth during the first half, but after Diwali season we have seen growth tapering off. The company will, however, continue to invest in strategic initiatives, taking into account our long term and sustainable growth plans."
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