April 25, 2024 03:41 (IST)
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Titan Company's December quarter income up largely due to growth in jewellery business over a low base
Mumbai, Jan 28 (IBNS): The Titan Company reported a growth of 17.3% in income for the third quarter ending Dec 31, 2015 over the same period in 2014, owing to growth in retail sales during the festive season, according to the company's press release on Thursday.
The Titan Company, India's leading designer and manufacturer of watches, jewellery, precision engineering components and other accessories, reported a 17.3% increase in its third quarter (ending Dec 31, 2015) income--which amounted to Rs 3398.38 crore-- compared to the same quarter in 2014 on the back of growth in jewellery sales from a low base but its income for the nine-month period ending December 2015 fell by 6.2% to Rs 8739.75 crores compared to the same period in 2014.
Compared to the year-ago quarter, income from watches increased 8.2%, that from jewellery business was up 20.1%, and eyewear business up 2.4%. But the company;'s other businesses, which include precision engineering and accessories, declined 8.3%.
The company plans to generate demand through new products and network expansion with an eye on cost control.
The Titan Company retail chain consists of 1266 stores as of December 2015. The company added 122 stores in the April-December 2015 period.
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