Summary
Titan Industry announces its first quarter fiscal report of 2008-2009. Tanishq shows unexpected results in the Ist quarter fiscal of 2008-2009.
Analysis
Titan Industries Ltd., a leading Indian watch and jewellery maker and retailer, reported that their net profit rose by 79% to $7.6 million in the Ist Quarter of 2008-2009 ending on 30th June2008.
Company net sale rose by 23% with a jump in revenue to Rs.811.1 crore ($191.2 million) during the first quarter of the current fiscal year, from Rs.658 crore ($155 million) during the corresponding period last year.
Net profit in the three months to end June soared by 155% to Rs.32.22 crore, ($7.59 million) compared with Rs.12.64 crore ($2.97 million) over the same span in 2007, according to figures published on the Bombay Stock Exchange.
Sales at Tanishq which is one of the Flagship Jewellery segment Stores of Titan shows few very good results at this time in year. Sales at Tanishq grew by 32% to Rs.615.72 crore ($145.14 million) in the June 2008 quarter from Rs.466.41 crore ($109.9 million) during the first quarter of last year. Watch sales, meanwhile, edged up marginally by 2% year-over-year to Rs.171.89 crore ($40.5 million).
This is the good achievment for the compnay because this year from the begning Inflation Rates are very high and we have also experinced high oil prices with which high gold prices are there in the market but despite of these circumstances Tanshiq done very well in India as well as Outside India.
Although festive time is remain to come for good sales for Tanishq and some other brands in India so company might be taking it as an motivated sign to show much good results this year in High Inflation Rates
