Tuesday, 24th January 2006 (4153 views)

Titan Industries has announced healthy profits for the third quarter of Rs 10.78 crore.

This represents profit growth of 88 per cent, matched by a 24 per cent growth in sales turnover during the third quarter, rising from Rs 305.84 crore last year to Rs 381.54 crore.

Total sales turnover for the first nine months of the year now stands at Rs 1,047.22 crore, representing growth of nearly a third.

The company said that it has achieved the profits by making provisions worth Rs 20.23 crore in respect of loans and advances. It has also increased spending on domestic branding and advertising.

Titan acknowledges that the high price of gold has exerted a negative effect on demand, but says that sales of diamond-studded jewellery continue to be "encouraging".

Titan continues to be the leading manufacturer of watches and branded jewellery in India and is the sixth largest manufacturer of watches worldwide.

Its domestic watch brands include Titan, Sonata and Fastrack, while its Tanishq jewellery brand is much in demand among India's jewellery consumers.

 

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