Titan quarterly (Q1) net profit rises 9 %

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SummaryTitan Industries reported 8.77 per cent increase in its net profit for the quarter ended June 30.

Tata group firm Titan Industries today reported 8.77 per cent increase in its net profit for the quarter ended June 30 at Rs 156.09 crore on the back of good performance by all segments.

The company had posted a net profit of Rs 143.51 crore in the corresponding period last year, Titan Industries said in a statement.

The net income during the first quarter of the fiscal also went up by 9.17 per cent to Rs 2,205.81 crore from Rs 2,020.60 crore in the year-ago period, it added.

"All businesses of the company have recorded growth in first quarter," Titan Industries said.

During the quarter, the company's income from jewellery segment was Rs l,775.53 crore, a growth of 7.80 per cent over lost year's figure of Rs 1,647.11 crore.

"The watches business recorded an income of Rs 360.69 crore as against Rs 315.39 crore last year in Q1, a growth of 14.36 per cent," the company said.

Revenue from other businesses such as eyewear, precision engineering and accessories went up by 15.7 per cent to Rs 89.62 crore, it added.

Commenting on the results, Titan Industries Managing

Director Bhaskar Bhat said: "The first quarter has been disappointing by way of sales growth due to several factors leading to a weak consumer sentiment. Consumer response was good only to discount offers, thereby impacting margins, specially in watches and eyewear."

Factors like high inflation, weak rupee and poor monsoon are likely to have an adverse impact on the company's targeted growth, he added.

"...but Titan Industries will leverage the strength of its brands and maintain its investments in brand building, retail network expansion and new product introductions to infuse confidence in customers," Bhat said.

In a filing to the BSE, the company said it has appointed Tamil Nadu Industrial Development Corporation (TIDCO) General Manager T K Arun as a director on its board in place of TIDCO's earlier nominee V Parthasarathy, who has resigned.

Shares of the company today closed 4.24 per cent down at Rs 222.25 apiece on the BSE.

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