Titan Profit Rises in First Quarter

RAPAPORT... Titan Company's profit increased in the fiscal first quarter,boosted by growth in all of the Indian retailer's main divisions. Profit jumped 38% year on year to $47.7 million (INR 3.28billion) in the three months ending June 30, while revenue climbed 9% to $651.9million (INR 44.87 billion), the company said. Its main business segments arejewelry, watches and eyewear. "All our core businesses have shown a healthy growth inprofit, in addition to market-share gains," Bhaskar Bhat, Titan's managingdirector, said last week. "The modern retail formats for our [watch] businesshave recorded good growth." Titan's jewelry sales grew 6% to $529.2 million (INR 36.43billion) during the quarter, while revenue from watches rose 15% to $86.6million (INR 5.96 billion). The jewelry industry experienced a "soft patch" duringthe quarter, resulting in only single-digit growth in that category for Titan,Bhat added. Titan is the largest jewelry retailer in India, with1,520 stores, 27 of which it added during the quarter. Image: Titan Company