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Titan's 3Q Sales +23%, Profit +24%
Jan 30, 2013 6:51 AM
By Dilipp S Nag
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RAPAPORT... India's Titan Industries, which owns the Tanishq brand, reported that sales rose 23 percent year on year to $556 million (INR 29.83 billion) in the third fiscal quarter that ended on December 31, driven by growth across all businesses. Total expenses increased by 23 percent to $512.4 million (INR 27.49 billion) during the period. Profit increased 24 percent to $38 million (INR 2.04 billion).
"The third quarter has been a good quarter for the company and overall sales trend is encouraging,” said Bhaskar Bhat, Titan’s managing director. “Consumer sentiment is turning positive with the stock markets picking up.”
The company reported that jewelry sales, including those from its flagship Tanishq brand, rose 27 percent year on year to $468.8 million (INR 25.15 billion). Watch sales increased 11 percent to $78.9 million (INR 4.24 billion) during the quarter. Sales at its other businesses, which include eyewear, precision engineering and accessories, grew 4 percent to $18.3 million (INR 982.6 million).
“Retail stores are experiencing an increase in footfall and the festive season in this quarter was a good one for all our brands, though demand had to be stimulated through investments in mass communication,” Bhat noted.
Titan ended the third quarter with a network of 918 stores across its watch, jewelry and eyewear product divisions.
*Note: All data was published in rupee. Any references to U.S. dollar amounts were made according to exchange-rate conversions by Rapaport News.
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Tags:
Bhaskar Bhat, Dilipp S Nag, India, Jewelry, Tanishq, Titan, Titan Industries, watch
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