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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

Titan Industries Q1 net up 17 per

Titan Industries Q1 net up 17 per cent on strong jewellery sales
 
Titan Industries Ltd today reported a 16.88 per cent increase in standalone net profit at Rs. 182.48 crore for the first quarter ended June 30, 2013, on the back of strong sales in the jewellery segment.
The company had reported a net profit of Rs. 156.12 crore for the same quarter a year ago.
Titan's net sales were at Rs. 3,087.79 crore during the quarter under review, an increase of 41.98 per cent as against Rs. 2,174.74 crore in the corresponding period last year.
Commenting on the company's performance, Titan Industries manging director Bhaskar Bhat said: "The first quarter has seen encouraging top-line growth, largely driven by jewellery on account of drop in gold prices.
"Margins in both watch and jewellery businesses were impacted due to change in product mix. Consumer sentiment continues to be weak and discretionary spend was subdued."
The revenue from watches during the quarter was at Rs. 401.65 crore, up 11.35 per cent, and the revenue from jewellery increased by hefty 47.23 cent at Rs. 2614.16 crore.
While giving outlook for the quarter ahead, Bhat said, "For the coming quarter, we are working on our plans to deal with weak consumer sentiment as well as the impact of recent regulatory measures introduced in the financing of gold imports."
Overall expenses of the company were at Rs. 2877.35 crore during the quarter under review, an increase of 43.43 per cent as compared with Rs. 2006.01 crore in the year-ago period.
Shares of Titan Industries ended at Rs. 259.50, down 1.46 per cent.

 
     
 
   
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