Tanishq sales up 43% in FY 20-11

Titan Industries Limited, the arm of Tata Group, with business in eyewear, watches and jewellery besides others, has announced its financial results for the year ending 31 March 2011. Total sales valued $1.48 billion rising 40 percent (y-o-y). Net profit valued $97 million, up 72 percent (y-o-y). Expenses rose 38 percent to $1.34 billion.

The year was marked by intent towards aggressive growth. The company opened around 122 stores across its eyewear, jewellery and watches businesses in India. At the end of the year, its retail store count stood at 665 or 810,000 sq.ft. of retail space. The company attributes its consistent double digit growth in the year observed across all its retail business, to the ‘dynamism of the Indian economy and the positive consumer sentiment’.

The jewellery unit which operates under the brand name Tanishq, contributed to 76 percent of the company’s topline, with sales rising 43 percent to $1.13 billion and its profit before interest and taxes up 68 percent to $96.1 million. The Watch unit sales were up 24 percent to $285.3 million with profits before interest and tax up 29 percent to $42 million.

Mr. Bhaskar Bhat, Titan’s managing director said, “It has been a remarkable year for Titan Industries in terms of setting new standards. In fact the company has moved onto a new platform of performance as well as future expectations.” The directors of the company have recommended a dividend of 250 percent following the excellent performance of the company.