Titan's initiatives at introducing new products and customer satisfaction programmes seemed to have boosted the company's performance during a dull economic period.
The watch-to-eyewear-to-jewellery player registered a 16 per cent growth in net profit at Rs 148 crore (Rs 128 crore) during Q2 of the current fiscal. Sales during the quarter stood at Rs 2,125 crore, a growth of 37 per cent over last year.
The company's watch business was affected by input cost increases and adverse currency fluctuations leading to pressure on its margins. Income from the watches segment was Rs 417 crore during the quarter, a growth of 16.1 per cent.
The jewellery business contributed revenues of Rs 1,631 crore against Rs 1,127 crore last year. Other businesses of the company comprising precision engineering, a B2B business, the eyewear business and accessories grew by 16.3 per cent during the quarter under review. The combined income of these businesses was Rs 65 crore.
As on September 30, 2011, the company has 737 stores covering a retail area of more than 9.2 lakh sq ft nationally for all its brands.
Mr Bhaskar Bhat, Managing Director, Titan Industries Ltd, said that during the second quarter, considered as an ‘off-season' quarter, demand had to be stimulated through investments in advertising and in consumer offers.