Titan Industries Q3 net up 19% at Rs 164 cr

Watch and jewellery major Titan Industries today reported a 19.1% jump in net profit for the quarter ended December 31, 2011, to Rs 163.9 crore.

The company had posted a net profit of Rs 137.5 crore for the corresponding period last financial year, Titan Industries said in a filing to the BSE.

Total income also soared by 25.5% to Rs 2,471.4 crore during the third quarter from Rs 1,968 crore in the year-ago period, it added.

"The overall growth of the company in this year has been aided by the strength of its brands despite the economic slowdown and the resultant decline in consumer demand in the third quarter," the company said.

The company's jewellery business witnessed a growth of 25.15% to Rs 1,986 crore in the quarter under review, while earnings in the watch segment increased by 17.2% to Rs 383.1 crore, it added.

All other businesses of the company witnessed growth during the quarter vis-a-vis the corresponding period of the previous year.

Commenting on the results, Titan Industries Managing Director Bhaskar Bhat said: "The Indian economy continues to face some headwinds and signs of a dip in consumer demand surfaced during the third quarter."

"Despite the weak market sentiments, Titan Industries would continue to invest in growth as per earlier plans, given our rich portfolio of strong brands," he said.

Reacting to the results, shares of the company were being quoted 0.6% higher at Rs 202.3 apiece during late afternoon trade on the BSE.