Titan Industries enjoys 155% increase in net profits

Titan Industries Ltd., earned a dramatic rise of 155 percent in its net profits for quarter ending June 2008. The net profit brought in Rs.32.22 crore, ($7.59 million) to the company’s register, while in the same quarter last year it was Rs.12.64 crore ($2.97 million). The company’s jewellery division – Tanishq, made for an increase of 32 percent in sales, valuing at Rs.615.72 crore ($145.14 million) in the said quarter. The comparable figures in the quarter of 2007 were at Rs.466.41 crore ($109.9 million). Also, the watch division was slow in raising sales levels which grew by 2 percent Y-o-Y to Rs.171.89 crore ($40.5 million).

Revenue in the said quarter increased by 23 percent to Rs.811.1 crore ($191.2 million). Last year it stood at Rs.658 crore ($155 million) in the same quarter.