Titan Industries has reported a 18.50% decline in its net profit in the March 2007 quarter at Rs 30.32 crore (Rs 37.21 crore). Net sales surged 39.5% to Rs 605.83 crore from Rs 434.15 crore.
The stock of Titan Industries gained momentum, when in late-March the company forayed into the optical eye-wear business by launching a retail chain, Titan Eye+, in Bangalore. The company will offer products, including its own brands, in the fashion eye-wear category besides other licensed brands.
Meanwhile, the world of Titan’s network has increased to 250 from 170 last year and we have plans to increase that to 275 by the end of this fiscal. The company, which has a manufacturing facility in Hosur, Tamil Nadu, and an assembly unit in Dehradun, produces about 10 million watches currently.
Titan has also expanded its range in the sports wear category by introducing the Aviator series of watches. The new series, inspired from World War II fighter aircraft is targeted at the upmarket, global Indian and is priced between Rs 4000 and Rs 7000.
Titan is the only listed player in organised retailing of jewellery with a pan-India network. It markets the jewellery under the ‘Tanishq’ brand. Tanishq commands around 70% share in the branded jewellery market.
Titan Industries also manufactures watches marketed under the Titan and Sonata brand names. It enjoys over 25% share of the total domestic watch market.