Titan Industries Limited, a joint venture of TIDCO and Tata, has posted a profit after tax of Rs. 46.04 crore for the quarter ended June 2009, reporting a growth of 41% over the same period last year.
Income from operations went up to Rs. 888.60 crore during the first quarter of the current year, growing by 9% over the corresponding period last year. The Company registered a profit before taxes of Rs. 63.73 crore (previous year: Rs.44.66 crore).
For a more accurate reflection of the operational performance and appropriate presentation of the financial statements, the Company has adopted First-in-First-Out (FIFO) method of valuing gold inventory from 1 April 2009 as against weighted average method adopted till 31 March 2009.This change has resulted in a higher profit before taxes of Rs.30.03 crore during the current quarter.
Watch segment sales income increased by 21.3% from Rs. 171.89 crore during the first quarter of last year to Rs. 208.57 crore during the corresponding period this year. The jewellery segment sales income grew by 3.2% from Rs. 615.72 crore during the first quarter of last year to Rs. 635.55 crore during this year, against the back drop of high gold prices. The Company's 'other' products segment that include Eyewear, Precision Engineering, Machine Building and Clocks grew by 66.6% from Rs. 23.50 crore during the first quarter of last year to Rs. 39.14 crore this year.
Retail expansion continued with opening of 18 more stores across all categories and brands. The total retail space under the Company's control now exceeds 600,000 sq. ft.
A recent survey by The Economic Times and “Great Place to Work” Institute has rated the Company to be among the top 25 companies out of 373 surveyed in India.
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