Titan Industries gains 6% on strong Q2 numbers

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Titan Industries gains 6% on strong Q2 numbers
Shares of the Titan Industries gained more than 6% on Thursday after the company posted better than expected results.

The shares of the company was seen trading at Rs 277, higher by 6.82% on BSE at 10.40 am IST.

The overall income in the second quarter, July to September 2012, was Rs 2288.48 crore, a growth of 9.5% over last year's income of Rs.2089.33 crore during the same period.

The net profit for Q2 rose 21.3% to Rs180.14 crore against Rs148.45 crore last year.

The Watch and Eyewear businesses of the company, with a decent import content, continued to be affected by input cost increases and adverse currency movements leading to a challenge on managing desired margins.

 The income for watches was Rs.471.79 crore in Q2 as compared to Rs.417.42 crore last year, a growth of 13%.  

On the other hand, jewellery business recorded an income growth of 5.7% in Q2 over last year.

Commenting on the results, Mr. Bhaskar Bhat, Managing Director of the Company stated that "The second quarter retail sales growth in all our formats indicate a change in consumer sentiment with a willingness to spend on attractive offers and new products. Demand had to be stimulated through investment in advertising. The expectation, therefore, for the festive season is positive even though sale may come at a cost.  We are introducing several new products and opening many stores early in the third quarter." 


Read more about: titan industries
Story first published: Thursday, November 1, 2012, 10:43 [IST]
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