Titan’s net value up to Rs 127.7 cr

Tuesday, 02 November 2010

India’s largest watch manufacturer and the world’s number six in wrist watches, Titan Industries posted a 64.6 per cent jump in net profit for the second quarter that ended on September 30. Its earnings rose to Rs 127.7 crores, against Rs 77.6 crores in the same quarter last year. Titan’s net sales grew by 33.9 per cent at Rs 1,536 crores during the three-month period under review, compared to Rs 1,147 crores in the last fiscal. Titan Managing Director Bhaskar Bhat said in a statement. that, the income from watches grew by 21.3 per cent at Rs 358.36 crores, as compared to Rs 295.52 crores in the same quarter last year. The jewelry business registered a jump of 36.7 per cent in the second quarter with sales of Rs 1,124.56 crores, compared to Rs 822.62 crores in the last fiscal. Other two businesses of Titan Industries, i.e. precision engineering and eyewear also saw collective sales of Rs 56.03 crores during the quarter.

Titan is a joint venture between the Tata Group, and the Tamil Nadu Industrial Development Corporation (TIDCO). Its product portfolio includes: watches, accessories and jewelry, in both contemporary and traditional designs. It exports watches to about 32 countries around with manufacturing facilities in Hosur, Dehradun and Goa and manufactures precious jewelry under the Tanishq brand name, making it India’s only national jewelry brand. Titan Industries is a subsidiary of the Tata Group

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