Indian watch and jewelry maker, Titan Industries Ltd, is expecting a 50 percent rise in profits during fiscal 2007/08, according to a report by Reuters.

The news agency quoted Titan's managing director, Bhaskar Bhat, as saying the company’s revenues should grow around 47 percent to INR 31.5 billion ($around $793.95 million) during the year, and that its EBITDA margin is likely to remain at about 11 percent.

"We did 1 billion (rupees) last year, profit after tax. The minimum to expect is 50 percent growth," Reuters reported Bhat as saying adding that the company was also eyeing the U.S. market for its jewelry business.

Titan expects to sell 10 million watches this fiscal year, nine million of them in India, Bhat said in the report.

In addition, Bhat said the company intends to grow its number of stores from 225 currently to 270 by fiscal year end.

Watches make up for approximately one-third of Titan’s revenue base with jewelry accounting for the remainder.