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Our Bureau

Bangalore, Oct. 23 Spiralling gold prices and the global slowdown have pushed Titan Industries’ net profits down 11.6 per cent during the second quarter of the current fiscal. Net profits stood at Rs 77.6 crore (Rs 87.8 crore) during the quarter under review.

The watch and jewellery major registered a total income of Rs 1,156.4 crore (Rs 1,104.9 crore), an increase of 4.7 per cent year-on-year.

There was a 2.6 per cent decline in watch sales at Rs 295.5 crore (Rs 303.5 crore) during the same period last year. Jewellery income, however, grew by 9.4 per cent to Rs 822.6 crore (Rs 752.2 crore).

While high gold prices had an impact on customer walk-ins in the company’s jewellery stores, the company did see an improvement in sales during Dussehra and Diwali, said a company statement.

Cancellation and postponement of orders by international customers resulted in decline in sales in the precision engineering division.

More Stories on : Financial Performance | Watches & Accessories

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