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Strong Holiday Figures Boost Titan Results
Feb 3, 2019 8:58 AM
By Rapaport News
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RAPAPORT... Revenue and profit at Titan Company rose in the third fiscal
quarter, driven by the introduction of new jewelry lines in time for the festival
season.
Consolidated sales — including subsidiaries — jumped 35% year
on year to INR 59.34 billion ($830.4 million) in the three months ending
December 31, while profit climbed 46% to INR 4.11 billion ($57.5 million), the
Indian company said last week. Jewelry sales grew 37% during the quarter, with
watch revenue up 18%.
The festival of Diwali took place on November 7, while Dussehra was October 19. As it’s a popular time for consumers to purchase jewelry, the third fiscal quarter is an important sales period for retailers.
“The festive quarter...turned out to be one of the
best quarters for jewelry as well as for other businesses —
watches and eyewear,” said Bhaskar Bhat, managing director of Titan. “All our
new product launches…have received a very good response. The top-line growth…for
the company in the third quarter was driven by these new introductions.”
Revenue for the nine months ending December 31 increased 24%
to INR 150.16 billion ($2.1 billion), while profit for the period rose 30% to
INR 10.4 billion ($145.6 million).
Titan, which claims to be India’s largest jewelry retailer,
opened 140 stores during the first nine months of the fiscal year, giving it
1,574 stores around the country.
Image: A pair of earrings from Titan’s Tanishq brand. (Tanishq)
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Tags:
Bhaskar Bhat, Rapaport News, third fiscal quarter, Titan, Titan Company
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