Titan Industries Sales +28%, Profits Soar in 4Q

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).‎

tanishqDuring 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.”

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