Titan Industries reported that net sales grew 28 percent year on year to $433 million (INR 22.82 billion) during the fourth-quarter that ended on March 31, 2012. The Mumbai-based company noted that net profit rose 72 percent to $27.4 million (INR 1.44 billion) after expenses increased by 25 percent to $396 million (INR 20.87 billion).
The company reported that jewelry sales, including those from its flagship Tanishq brand, rose 30 percent year on year to $341.5 million (INR 18 billion). Watch sales rose 25 percent to $78.5 million (INR 4.14 billion).
During the full fiscal-year, Titan’s net sales increased 35 percent to $1.68 billion (INR 88.48 billion), while net profit jumped 39 percent to $114.1 million (INR 6.01 billion. The company’s jewelry sales rose 40 percent year on year to $1.34 billion (INR 70.64 billion) and its watch sales grew 20 percent to $291.9 million (INR 15.38 billion).
The company embarked on an aggressive expansion of its retail network during the year by opening more than 200 stores across its watch, jewelry and eyewear product divisions. Titan had a network of 827 stores as of March 31.
”It has been a challenging yet fruitful year for Titan Industries Limited,” concluded Bhaskar Bhat, Titan’s managing director. ”The company has moved on to a new platform of performance as well as future expectations.”