OREANDA-NEWS. February 1, 2012. After an encouraging performance in the first two quarters, Titan Industries has come up with a good performance during the third quarter of FY2011-12. The net profit in Q3 has grown to Rs163.91 crore from Rs137.57 crore during the same period last year, recording a growth of 19.2 per cent.

The overall growth of the company in this year has been aided by the strength of its brands despite the economic slowdown and the resultant decline in consumer demand in the third quarter.

The company recorded a growth of 25.6 per cent in income, growing from Rs1,967.91 crore last year to Rs2,471.48 crore this year in Q3. The company’s PBT stands at Rs224.74 crore in Q3 as against Rs199.87 crore during the same period last year, registering a growth of 12.4 per cent.

All businesses of the company have recorded growth. Jewellery income in Q3 was Rs1,985.87 crore, a growth of 25.2 per cent over last year’s income of Rs1,586.79 crore. The watches business recorded an income of Rs383.11 crore as against Rs326.81 crore last year in Q3, a growth of 17.2 per cent.

 Other businesses of the company, comprising precision engineering, the eyewear business and accessories, grew by 70.5 per cent in Q3 to Rs94.22 crore. The eyewear business has grown its retail presence through Titan Eye+ stores to over 60 towns and introduced many innovative products  — in frames, lenses and sunglasses. The precision engineering division had an outstanding, profitable quarter.

The company maintained the momentum of retail expansion across all its businesses and ended the quarter with a total of 786 retail outlets in 155 towns, crossing one million sq ft of retail space nationally and is rapidly expanding with growth plans in place for all its retail business — watches, jewellery and eyewear.

Bhaskar Bhat, managing director, Titan Industries, stated, “The Indian economy continues to face some headwinds and signs of a dip in consumer demand surfaced during the third quarter. Despite the weak market sentiments, Titan Industries would continue to invest in growth as per earlier plans given our rich portfolio of strong brands.”