Tata Group firm Titan Industries posted 72.17 per cent
increase in net profit for the quarter ended March 31, 2012 at Rs 144.28 crores. In the quarter ended March 31, 2011, the company’s net profit was Rs 83.80 crore. Its net sales for the three months ended March 31, 2012 increased 28.34 per cent to Rs 2,281.42 crores, against Rs 1,777.57 crores, it said in a filing to the NSE.
Titan Industries net profit for 2011-12 increased 39.43 per cent to Rs 600.15 crores, from Rs 430.42 crores in the previous fiscal. The company’s net sales grew 35.53 per cent to Rs 8,838.38 crores in 2011-12, against Rs 6,520.89 crores. It also recommended a dividend Rs 1.75 per equity share.
Deciding to sell off Swiss watch brand Favre-Leuba recently, and to focus their own Swiss label, Xylys which will help them grow in the lucrative premium segment, Titan is also targeting the lifestyle accessories segment. Titan’s Fastrack has already entered into bags, belts, wallets segment and is looking to enter motorcycle helmets apart from adding newer categories such as fashion footwear.
Titan is looking forward to opening about 200-250 stores next year. This year, the company’s target was to launch nearly 300 stores with 100 each in Fastrack and eyewear and about 40 odd World of Titans, nearly 20 Helios stores and Tanishq and Gold Plus.