Titan Industries Q1 net up 16.88% to Rs 182.48 cr

Titan Industries Limited, the watch, jewellery and precision engineering products maker from the Tata Group, today reported 16.88% rise in net profit at Rs 182.48 crore for the first quarter ended June 30, 2013 compared to Rs 156.12 crore in the same quarter last year.

The operating profit went up 15.36% to Rs 230.32 crore from Rs 199.64 crore in the corresponding quarter last fiscal.

The net sales for the quarter went up 42% to Rs 3,087.79 crore as against Rs 2,174.74 crore in the first quarter of last fiscal.

The fall in gold prices at the end of the quarter, has had an adverse impact of Rs 34 crore on the consumption of gold as well as the results for the quarter.

During the quarter, the watch division recorded 11.35% rise in net sales at Rs 402 crore, while the jewellery division sales grew 47% to Rs 2,614 crore.