Titan reports 82% growth in Q3

As a joint venture between one of India’s most respected business organizations,

the Tata Group, and the Tamil Nadu Industrial Development Corporation (TIDCO) Titan Industries is on a new high. After a profitable festival demand season the company has reported an 82 per cent year-on-year growth in Q3, net profit at Rs 137.57 crores. The net sales for this quarter grew 46 per cent to Rs 1,954 crores.

Bhaskar Bhat, Managing Director of Titan Industries says all their businesses outperformed in Q3 due to excellent festive season demand. Titan Industries’ retail chain was 624 stores strong as on December 31, 2010 with a product portfolio that includes watches, accessories and jewelry, in both contemporary and traditional designs. It exports watches to about 32 countries around the world. With manufacturing facilities in Hosur, Dehradun and Goa and manufactures precious jewelry under the Tanishq brand, making it India’s only national jewelry brand. This quarter, the jewelry business grew 49 per cent to Rs 1,578 crores, backed by good growth in Tanishq despite a 19 per cent hike in gold prices in Q3 over the same period last year. The income from watches business recorded a growth of 35 per cent to Rs 325 crores, while the company’s other business such as eyewear and precision engineering also grew 37 per cent to Rs 55 crores.

Titan Industries is regarded as the world's fifth largest wrist watch manufacturer and India's leading producer of watches under the Titan, Fastrack, Sonata, Nebula, RAGA, Regalia, Octane & Xylys brand names.