Titan Industries, a Tata Group firm, posted a 28.2% jump in its net profit for the fourth quarter ended March. The watches and jewellery major’s profit for the quarter stood at R184.97 crore against R144.28 crore in the corresponding period a year ago.
For the January-March period, Titan industries recorded a 14.54% rise in total income from operations to R2,613.24 crore from R2,281.42 crore in the same period last year. In Q3, total income from operations was R3,017.80 crore. The firm pointed out that despite a challenging economic environment, the company has managed well.
?The year 2012-13 was challenging, given that the economic environment was subdued and other adverse factors like high price of gold impacted our jewellery business. It has, however, been a fruitful year for Titan Industries with healthy growth and the fourth quarter in particular was very encouraging with 28% growth in profit. Given high expectations of all our stakeholders and aspirations of our employees, we move confidently into the new financial year with aggressive plans,” said Bhaskar Bhat, MD, Titan Industries.
For the full year, the company recorded net profit of R725.18 crore against R600.15 crore, a growth of 20.8%. Net sales for FY13 were R10,009.05 crore against R8,744.40 crore during FY12, a growth of 14.5%.
Titan, which is into its 25th year of existence, has crossed R10,000 crore business for the financial year and the profit before tax crossed the R1,000 crore mark. Shares of the company closed at R270.60, down 1.17% on the BSE on Friday.