Jewellery sales at Titan Industries up 47% in fiscal Q1

Sales at Titan Industries were up 42 percent (on y-o-y basis) to $509.5 million in the quarter closing June 30, 2013, reports say. The company refers to this quarter as its first quarter I the fiscal year and has observed it to be challenging, reports add.

Profit after taxes were up 17 percent to $30.2 million and costs rose by 43 percent to $474.8 million, reports say.

The company is the umbrella brand featuring jewellery, watches and eyewear brands. The company’s jewellery sales was up 47 percent to $431.3 million, reports say. The jewellery segment includes brands such as Tanishq, GoldPlus and Zoya.

Sales at the watch division were up 11 percent to $66.3 million.

The company noted the quarter to deliver decent topline growth, which was promoted mainly by sale of plain gold jewelry and coins, following a fall in prices. A change in product mix impacted margins in the watch and jewelry segments, reports add.