Titan net up 28.4%

The company had posted a net profit of Rs 144.28 cr in the same period of previous fiscal

Titan Industries Ltd, the watch-to-jewellery maker from the Tata Group, on Friday reported a 28.4 per cent rise in net profit to Rs 185 crore for the quarter ended March 31, compared with Rs 144 crore a year ago. The total income for the quarter increased 14.5 per cent to Rs 2,643 crore against Rs 2,307 crore.

Despite high gold prices, the company managed to post a healthy 16.31 per cent rise in its jewellery segment sales to Rs 2,093 crore, while the watches division saw a marginal growth of 1.45 per cent in sales at Rs 420 crore.

For the full year ended March 31, Titan has recorded 20.8 per cent growth in net profit at Rs 725 crore. The total income for the year stood at Rs 10,009 crore, registering a growth of 14.5 per cent.

The company, which is celebrating its silver jubilee, recorded growth in all its business. "The year 2012-13 was a challenging year given the economic environment. It has, however, been a fruitful year for Titan with healthy growth, and the fourth quarter, in particular, was very encouraging with 28 per cent growth in profit," Bhaskar Bhat, managing director of the company, said.

During the year, Titan expanded its retail network with a net addition of 126 stores. As on March 31, the company had 953 stores, with over 1.27 million sq ft of retail space delivering a retail turnover in excess of Rs 9,980 crore.

The board of directors has recommended a dividend of 210 per cent for the year.