Bangalore-based Titan Industries has posted a 77 per cent rise in its net profit for the quarter ended June 2010, helped by good retail growth across all its brands and retail chains. The company’s profit for the quarter stood at Rs 81.28 crore compared with Rs 46.04 crore posted in the same period last year.

Titan’s net sales for the quarter also jumped 43 per cent to Rs 1, 262.76 crore from Rs 882.80 crore in the same period last year.

According to Bhaskar Bhat, managing director of the company, the first quarter was marked by good growth in retail and all other channels. “The growth in profits has also been driven by several cost control initiatives implemented across the company,” he added.

Jewellery income in first quarter was Rs 950.54 crore, a growth of 49.6 per cent over last year’s income of Rs 635.55 crore. The watches business generated revenue of Rs 254.02 crore against Rs 208.57 crore in the same span last year, marking a growth of 2l.8 per cent. Titan’s eyewear and precision engineering posted a 37.5 per cent growth at Rs 53.80 crore.

The company also said the growth of its jewellery and watches segments were driven by a good wedding season during the first quarter in the domestic market. Asian markets also showed signs of revival with the watch business in overseas markets growing by 52 per cent over last year.

titan ind/BSE Rs 2,824.30 p

NSE Rs 2,872.00 q

sreerupamitra

@mydigitalfc.com