Jewellery sales at Titan Industries up 8% in fiscal Q1

Titan Industries, an arm of the Tata Group, closed its first fiscal quarter on June 30, 2012 with ‘sales below expectations’. The company attributed this to the weakening of the Indian rupee, high inflation and rising prices of gold, which have impacted consumer sentiments.

The company offers a portfolio of jewellery, watches , eyewear amongst others.

The net sales of the company increased 9 percent (on y-o-y basis) to $397 million, and net profit was up 9 percent to $28.1 million. Total expenses increased by 9 percent to $361.1 million (INR 20.06 billion).

Sales of its jewellery unit including its flagship Tanishq brand, increased 8 ‎percent to $319.6 million. Sales at its watch unit rose 14 percent to ‎‎$64.9 million. The other businesses of eyewear, ‎precision engineering and accessories, recorded 16 percent (on y-o-y basis) increase in sales to $16.1 million.