Titan Industries Q3 net up 24%

Watch business grew 10% to Rs 423 crore, jewellery up by 27% to Rs 2,515 cr

Titan Industries, the publicly held retailer of watches and jewellery, has posted a 24.3% growth in net profit to Rs 203.73 crore for the third quarter of FY13 as compared to the corresponding previous period. Topline grew by 23% to Rs 2,982 crore.

The watches business grew by 10% at Rs 423 crore, while the jewellery business grew by close to 27% to Rs 2,515 crore. Other businesses of the Company comprising Precision Engineering, a B2B business, the Eyewear business and accessories grew by 4.3%  to Rs 98.26 crore.

The company, which had been facing contraction in volumes of watches and jewellery during the first half of the fiscal has indicated that there is positive element at the end of the third quarter across all consumer facing business.

Bhaskar Bhat, MD, Titan Industries said: "The third quarter has been a good quarter for the company and overall sales trend is encouraging. Consumer sentiment is turning positive with the stock markets picking up. 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. We hope to carry forward this momentum into the last quarter."

The Titan Industries retail chain is 918 stores strong, as on 31st December 2012 with the
retail area crossing 12 lac sq.ft. nationally for all its brands.

Titan stock on NSE gained 2.2% on Wednesday to close at Rs 275.60 a share on NSE.