Titan’s net profit up 3.6% in Q2

In the span of three months closing September 30, 2013, Titan Co Ltd., recorded net profit worth Rs 186.65 crore, after a 3.6 percent increase on y-o-y basis, reports say. The company noted that the consumer spending was less particularly on items like watches and jewellery. Also, factors of inflation, a weak rupee and costs and high interest rates, made the quarter a tough three months for the company, reports say.

The said three months delivered revenues worth Rs 2,290 crore, after a rise of 1.4 percent on y-o-y basis, reports add. Operating income rose 4.4 percent to Rs 246.83 crore.

The jewellery division noted a drop in growth, that of 31 percent on a sequential basis to Rs 1,798 crore in the second quarter. The Tanishq portfolio grew 4 percent from about Rs 1,724 crore in the last year. The company owed this to the increase in diamond sales. In its entire jewellery basket, diamond sales rose 37 percent of total jewellery sales, rising from 16 percent in the first quarter. Sales of watches dropped 6 percent to Rs 442 crore.