Titan Industries achieved a significant growth during the year ended 2006-07, with sales income at Rs 2136 crore growing by 44% from the previous year and Profit Before Taxes going up to Rs. 131.65 crore, up by 52% from the previous year.
Net profit for the year stood at Rs. 94.33 crore as compared to Rs. 73.62 crore in the previous year. The Company has made a provision of Rs. 24 crore towards overseas loans and advances considered doubtful.
Watch segment sales grew by 20 % to Rs. 784 crore, while Jewellery sales went up by 63% to Rs.1292 crore. Sales of other products, including Accessories and Precision Engineering components, rose by 69% to Rs. 63 crore.
During the quarter ended 31 March 2007, sales income grew by 40% from Rs. 434 crore to Rs. 606 crore. While the Watch segment sales grew by 27%, Jewellery segment sales went up by 49% as compared to the previous year. Profit Before Taxes for the quarter stood at Rs. 39 crore.
All brands of the Company have performed well and new introductions in both watches and jewellery, viz, the Aviator series in gents watches, the Raga Collection for ladies and the Zoya line in Tanishq jewellery have had very good responses, which augur well for the future.
The Company continued to expand its retail network and now has perhaps the largest reach in its category, with 209 World of Titan Showrooms and 88 Tanishq boutiques.
Plain gold jewellery also made significant inroads into smaller towns through 10 GoldPlus showrooms and the Company's foray into prescription eyewear began with the first Titan Eye+ store at Bangalore, located at the same place where the first Titan watch showroom started in 1987.
As a reflection of the strong performance of the Company, the Directors have recommended a dividend of 50%, up from 30% in the previous year.
marketing@alchempro.com
