TITAN INDUSTRIES = Q3 FY 2011 RESULTS = QTR ENDING DECEMBER 2010 = SALES & NET PROFITS UP HANDSOMELY

Titan Industries Limited

NSE Symbol TITAN

Titan Industries Limited

NSE Symbol TITAN

TITAN INDUSTRIES LTD has produced excellent results for q3 ending December 2010.

NET SALES : has increased to Rs.1955 cr – up by 27.25% from Q2 FY11 and up by 46.56% from Q3 FY 2010.

PROFIT FROM OPERATIONS : has increased to Rs.187 cr – up by 13.07% from Q2 FY 2011 and by 89.77% from Q3 FY 2010.

NET PROFIT : has increased to Rs.138 cr – up by 7.67% from Q2 FY 11 and by 82.38% from Q3 FY11.

Basic EPS has consequently risen very handsomely to Rs.30.99 compared to Rs.28.78 in Q2 FY11 and  compared to 16.99 in Q3 FY 2010 – on a Face value of Rs.10.

RESULTS TABLE :

TITAN INDUSTRIES	31-Dec-10	30-Sep-10	30-Jun-10	31-Dec-09
Net Sales	195459	153597	125276	133360
DIF %1	1955	27.25	56.02	46.56
Other Operating Income	22	9	7	21
Increase/decrease in SIT /WIP	-862	-26229	-17445	6351
Raw Materials	124453	114988	91639	85223
Traded Goods	23937	22716	17835	10121
Employees Cost	8515	8239	7789	6788
Depreciation	857	859	819	911
Other Expenditure	19917	16527	14332	14152
Total Expenditure	176817	137100	114969	123546
Profit from Operations	18664	16506	10314	9835
DIF %2	187	13.07	80.96	89.77
Other Income5	1526	806	802	283
Interest6	203	238	253	290
Tax expense	6230	4297	2735	2285
Net Profit	13757	12777	8128	7543
DIF %3	138	7.67	69.25	82.38
Face Value (In Rs	10	10	10	10
Paid Up Equity	4439	4439	4439	4439
Basic EPS	30.99	28.78	18.31	16.99
Public holding (%)	46.6	46.6	46.7	46.9

WHAT COMPANY SAYS :

All businesses of the Company have recorded good growth.  Jewellery income in Q3 was Rs.1578.83 crore a growth of 49.7% over last year’s income of Rs.1054.52 crore.  

The watches business recorded an income of Rs.325.12 crore as against Rs.240.94 crore last year in Q3, a growth of 34.9%.  

The Company’s other businesses Eyewear and Precision Engineering grew by 37.3% to Rs.55.27 crore.  

The new Eyewear business has grown its retail presence through Titan Eye+ stores to over 40 towns and introduced many innovative products – in frames, lenses and sunglasses.  

The Precision Engineering Division has had a challenging quarter.  

The Asian markets are looking up and the watch business in overseas markets grew by 15% over last year.  

Despite a 19% increase in gold price this year in Q3 over same period last year, Tanishq has recorded high sales growth in both plain and studded jewellery.  Tanishq had a successful Queen of Diamond campaign.  

The Company maintained the momentum of retail expansion across all its businesses and ended the quarter with a total of 624 retail outlets covering a retail area of 7.7 lac sq.ft nationally.

Mr. Bhaskar Bhat, Managing Director of the Company stated that “The Indian Economy is continuing to do well with most sectors reporting excellent growths over previous year.  Following the superlative performance in the first half backed by retail sales growth, all our businesses outperformed in the quarter 3 due to excellent festive season demand.”

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