Titan reports 11.6 percent rise in March quarter profit

Titan has reported a 11.6 percent increase in net profit to Rs 206.44 crores for the March

quarter, on the back of strong demand for watches and a fall in material costs. Its total income from operations for the quarter ended 31 March rose 7.27 per cent to Rs 2,803.38 crores.

Watches revenue jumped roughly 20 percent to Rs 501.76 crores. Sales of jewellery, which accounts for 80 percent of Titan’s business, rose just 3 percent to Rs 2,157.33 crores. Titan’s fourth-quarter profit was boosted by lower input costs, which dropped 1.43 percent to Rs 1,646.3 crores.

With an aim of achieving its growth target of 5 billion dollars (over Rs 30,000 crores) in revenue by 2019, Titan Company is venturing into new segments such as women's wear and accessories. The Tata Group-company has chalked out an investment plan of Rs 1,000 crores as a part of its five-year plan. The company reported revenues over Rs 10,100 crores for the year ending March 2013.

It is also eyeing an expansion of its retail network and plans to double its presence to 2,000 stores in the country by 2019. The company expects growth to be driven by the jewellery segment as well as growth in new segments like eyewear and lifestyle accessories. Last year, Titan with Tanishq jewellery and Titan watch brand changed its name from Titan Industries to Titan Company, to cater to new segments such as fragrances and lifestyle accessories like helmets and bags in a better way. On the retail front, Titan, after entering the Indonesian market aims to explore Asia and Africa.