Titan Industries Ltd reported a 41% rise in its first-quarter net profit, helped by higher watch sales, beating expectations.
Titan reported April-June net profit of Rs460.4 million, on net sales of Rs8.82 billion. Revenues from its watch segment rose 21.3% to Rs2.08 billion in the quarter, while the jewellery segment grew a marginal Rs3.2 to Rs6.35 billion, as gold prices remained high in the quarter. Sales from Titan’s ‘other products’ category which include eyewear, precision engineering, machine building and clocks rose to Rs391.4 million from Rs235 million.
The firm opened 18 retail stores across categories in the quarter, Titan added.
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