Titan Q2 net up 21% at Rs 180 cr

The net profit for the first half of FY13 stood at Rs 336 cr reporting a rise of 15%

Bangalore-based Titan Industries net profit for the second quarter ended September 30, 2012 grew 21.34% to Rs 180.14 crore when compared to the same period last year. The watch to jewellery and precision engineering product manufacturer from the Tata Group saw its revenues for the July-September quarter registering a growth of 9% to Rs 2276 crores as against the corresponding quarter last year.

The net profit for the first half of FY13 stood at Rs 336.23 crores reporting a rise of 15.2% as against last year.

“All our businesses recorded a good growth in income compared to the same period,” the company said. The company's income from watches businesses was Rs 471.79 crore in Q2, while the jewellery business recorded an income growth of 5.7% to Rs 1,723.93 crore.

Bhaskar Bhat, Managing Director, Titan Industries said, “The second quarter retails sales growth in all our formats indicate a change in consumer sentiment with a willingness to spend on attractive offers and products. We are introducing several new products and opening many stores early in third quarters.” 

Other businesses like eyewear and precision engineering  grew by 49.4% and the income from these businesses were Rs 97.37 crore. As on September 30, 2012 the company has a strong retail chain of 879 stores with a retail area crossing 11.2 lakh square feet nationally for all its brands.

On Wednesday the shares of the company on BSE closed at Rs 259.40 up 0.62% as against previous day's closing.