Import-Substitution

Import-Substitution Jairaj Kapadia TITAN Witches, with a 60 per cent market share in quartz analog watches established for itself, has witnessed its profits slide in the face of increased sales turnover. Sales during the year to March 1993, expanded 23 per cent from Rs 15,501 lakh to Rs 19,121 lakh. But gross profit showed a marginal rise of Rs 26 lakh from Rs 1,784 lakh at Rs 1,810 lakh, while as a ratio to sales it declined more than two percentage points from 12.76 in the previous year to 10.51. Profit after depreciation and without a tax provision required to be made registered a decline from Rs 1,110 lakh at Rs 1,067 lakh. Since the company converted part B of the debentures issued in 1989 and also issued rights shares, the paid-up share capital increased sharply from Rs 2,684 lakh to Rs 4,228 lakh.