Titan Industries recorded net profit of Rs 163.91 crore during the third quarter of 2011-12, a growth of 19.2 per cent (Rs 137.57 crore) over the same period last year.
Revenues during the period stood at Rs 2,471.48 crore, a growth of 25.6 per cent.
While precision engineering, eyewear and accessories grew 70.5 per cent, the jewellery segment grew 25.2 per cent over last year, income from watches rose by 17.2 per cent.
Rupee depreciation and low consumer sentiment made it a tough quarter for the company, although it expanded its retail footprint to reach the one-million sq.ft mark.
Revenue growth in the jewellery segment was also driven by rising gold prices.
Dip in demand
The company ended the quarter with 786 retail outlets in 155 towns.
Titan launched its lowest ever priced watch at Rs 225, targeted at the mass market, during the quarter.
Commenting on the results, Mr Bhaskar Bhat, Managing Director of the company, said, “The Indian economy continues to face some headwinds and signs of dip in consumer demand surfaced during the third quarter.
“Despite this, we would continue to invest in growth as per earlier plans given our portfolio of strong brands.”
Titan Industries Ltd, which is currently the fifth largest watch player in the world, expects to reach the fourth place in a couple of years.
The company has to sell at least 20 million pieces to reach there. Last fiscal, the company sold 13.5 million pieces.