Titan Industries reported sales of Rs 3,564.67 crore during for the quarter ended September 30, 2014, up 55.66 per cent against Rs 2,290.02 crore of the same period a year ago, driven mainly by a huge increase in revenue from the jewellery business the sales of which rose by a massive 64.8 per cent to Rs 2,929.38 crore as compared to Rs 1,777.39 crore in Q2 last year.

Net profit rose 28.57 per cent during this period to Rs 239.98 crore as compared to Rs 186.65 crore in Q2 a year earlier.

The company clarified that the increase in jewellery revenue could at least partly be attributed to regulatory changes in schemes related to the installment purchases of gold jewellery, which led many customers to redeem their Golden Harvest Scheme accounts during this period. 

Revenue from the watches business grew by 20.13 per cent to Rs 527.46 crore, while the eye wear, accessories and precision engineering segments increased by 20.93 per cent to Rs 137.9 crore.

For the first six months of FY 2014-15, the company posted a net profit of Rs 417.25 crore as against net profit of Rs 369.13 crore in the corresponding period last year on net sales of Rs 6,418.33 crore as compared with Rs 5,377.81 crore in same period of the previous fiscal.

Commenting on the results, Titan Company Managing Director Bhaskar Bhat said: "This was an extraordinary quarter for the company and we witnessed an income growth of 55 per cent on account of an encouraging performance by all divisions, especially the jewellery business."

He added: "We have also seen an improvement in consumer sentiments in the second quarter. Gold prices have been stable and inflation is falling which would help in providing a lift to the economy. However, the coming quarter will have to be observed and tackled appropriately as some channels are beginning to report lower walk-ins. All our brands will invest in new campaigns in this quarter to improve our connect with the consumer.”