Titan Industries Ltd. reported that net sales rose 25 percent year on year to $493.3 million (INR 24.40 billion) during its third fiscal-quarter that ended on December 31, 2011. Net profits grew 19 percent to $33.1 million (INR 1.64 billion), Rapaport reports.
The company, which owns the Tanishq jewelry brand, stated that growth has been aided by the strength of its brands despite the economic slowdown and the resultant decline in consumer demand in the third quarter.
Titan's jewelry sales increased by 25 percent to $401.6 million (INR 19.86 billion), while sales at its watch division rose 17 percent to $77.5 million (INR 3.83 billion). Sales at its other businesses comprising eyewear, precision engineering and accessories grew 70 percent to $19 million (INR 942.2 million).
Total expenditure increased by 27 percent to $452.8 million (INR 22.39 billion) during the quarter.
Bhaskar Bhat, Titan's managing director, stated that despite the weak market sentiments, the company would continue to invest in growth as per its plans given its portfolio of strong brands. Titan operated 786 retail outlets in 155 towns as on December 31.
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