Titan Industries Q1 net profit at Rs46 crore; PAT grows 41 per cent over Q1 last year

Titan Industries, a joint venture of TIDCO and Tata, has posted a profit after tax of Rs46.04 crore for the quarter ended June 2009, reporting a growth of 41 per cent over the same period last year.

According to a press release from the company, its income from operations went up to Rs8,88.60 crore during the first quarter of the current year, growing by 9 per cent over the corresponding period last year.

The company registered a profit before taxes of Rs63.73 crore (previous year: Rs44.66 crore). For a more accurate reflection of the operational performance and appropriate presentation of the financial statements, the company has adopted first-in-first-out method of valuing gold inventory from April 1, 2009 as against weighted average method adopted till March 31, 2009. This change has resulted in a higher profit before taxes of Rs30.03 crore during the current quarter.

Watch segment sales income increased by 21.3 per cent from Rs171.89 crore during the first quarter of last year to Rs208.57 crore during the corresponding period this year.

The jewellery segment sales income grew by 3.2 per cent from Rs615.72 crore during the first quarter of last year to Rs635.55 crore during this year, against the back drop of high gold prices.

The company's other products segment that includes eyewear, precision engineering, machine building and clocks grew by 66.6 per cent from Rs23.50 crore during the first quarter of last year to Rs39.14 crore this year.

Retail expansion continued with opening of 18 more stores across all categories and brands. The total retail space under the company's control now exceeds 600,000 sq ft.

A recent survey by The Economic Times and the Great Place to Work Institute has rated the company to be among the top 25 companies out of 373 surveyed in India.