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Marginal decline in Titan watch sales
Oct '09
On the back drop of spiraling gold prices, continuing global down turn and signs of slow but steady recovery of Indian economy, Titan Industries registered an income of Rs.1156.41 Crore during the second quarter of 2009 as compared to Rs. 1104.85 Crore during the corresponding period last year, which was an increase of 4.7%. The Company's net profit in the second quarter stood at Rs. 77.60 Crore compared to Rs. 87.82 during the same period last year.

The Company's Watch sales showed a marginal decline during the 2nd quarter with its income at Rs. 295.52 crore compared to Rs. 303.45 crore during the same period last year. Jewellery income grew by 9.4% to Rs.822.62 Crore during the current year from Rs.752.18 Crore during the 2nd quarter of last year. The Company's other businesses declined by 9.1% from Rs.34.13Crore during the 2nd quarter of last year to Rs. 31.03 Crore during the corresponding period this year.

Net profit for the 1st half of the current year has grown to Rs.161.09 Crore from Rs.158.59 Crore last year. Watch sales grew by 6% to Rs. 504.09 Crore from Rs.475.34 Crore and Jewellery sales have grown by 6.6% from Rs. 1367.90 Crore last year to Rs.1458.17 Crore this year. Total sales are up by 6.3% from Rs.1923.91 Crore during last year to Rs.2045.01 Crore this year.

While high price of gold had an impact on customer walk-ins in our Jewellery stores, there has been a significant improvement in sales during Dussehra and Diwali.The customers seem to have accepted the present price of gold and are returning to spending on Jewellery.Cancellation and postponement of orders by International customers have resulted in decline in sales in the Precision Engineering division.

The Company has put in place several cost control measures which have helped in improving the profitability.

Titan Industries Ltd

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