BANGALORE, JANUARY 31: Titan Industries Ltd has posted an increased sales turnover during the third quarter of the fiscal by 40 per cent from Rs 105.85 crore to Rs 147.97 crore in the current year while the company's profit after tax has gone up by 28 per cent from Rs 1.37 crore to Rs 1.96 crore (after providing for an exchange loss of Rs 0.91 crore compared with an exchange gain of Rs 0.21 crore in the previous year.)For the nine months ended December 31, 1999, the sales turnover has perked up by 28 per cent from Rs 311.36 crore in the previous year to Rs 397.80 crore in the current year. The nine-month operating profit after interest and depreciation has nearly doubled from Rs 3.48 crore to Rs 6.58 crore.
However, due to a significantly lower exchange gain of Rs 1.22 crore (PF Rs 6.66 crore), the net profit after tax is lower at Rs 6.90 crore against Rs 9.08 crore in the corresponding period previous year.
During the nine month period, Titan's watch sales rose from 31.38 lakh pieces to 36.90 lakh units marking a growth of 18 per cent, led by brands like Regalia, Raga, Fastrack, Sonata (plastic) and its newly launched Dash labels.
The company's jewellery sales in the nine-month period has increased by 70 per cent notching up a total turnover of around Rs 100 crore. With strong consumer response and opening of new Tanishq outlets, domestic retail sales were twice the level of previous year.
The last quarter of the current fiscal was expected to show a significant growth in all the businesses of the company, said a company release.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.