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Titan’s 3Q Revenue +17% on Stronger Festive Sales
Jan 31, 2016 9:35 AM
By Rapaport News
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RAPAPORT... India-based
jeweler Titan Company reported revenue increased 17 percent year on year to
$504.6 million (INR 34.26 billion) in the third quarter that ended December 31
as retail sales improved during the festive season.
The strong result was mainly because of 20-percent
growth in jewelry sales to $415.3 million from a year ago, Titan’s managing
director Bhaskar Bhat explained in a statement January 28. Watch sales increased
8.2 percent to $70.5 million. Profit after tax during the quarter jumped 18
percent to $33.2 million.
“Festive-season
demand remained lukewarm and needed shoring up with consumer schemes,” Bhat cautioned.
“Our effort continues therefore to be one of generating demand through new
product introductions and network expansion while retaining our focus on cost
control.”
During the nine months
to December 31, total revenue declined 6.4 percent to $1.3 billion as jewelry
sales fell 9.6 percent to $1.01 billion. Profit after tax dropped 14 percent to
$76.8 million.
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Tags:
India, Jewelry, Rapaport News, retail, retail sales, Titan Company
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