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Festive Season Propels Strong Sales at Titan
Aug 8, 2022 6:45 AM
By Leah Meirovich
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RAPAPORT... Indian jeweler Titan Company’s sales and profit soared in the first fiscal quarter, buoyed by strong holiday demand and a gap between two periods of Covid-19 disruptions.
Revenue — including at subsidiaries — surged to INR 94.87 billion ($1.19 billion) for the three months ending June 30, compared with INR 35.19 billion ($442.4 million) during the same period a year ago, the company reported last week. That figure was the second-highest quarterly revenue in the jeweler’s history.
Profit came to INR 7.9 billion ($99.2 million), versus INR 180 million ($2.3 million) in the same period of 2021.
Jewelry sales nearly tripled to INR 83.51 billion ($1.05 billion), compared with INR 30.5 billion ($383.2 million) the year before. Revenue from watches jumped 168% to INR 7.86 billion ($98.8 million). Other proceeds came from smaller divisions such as eyewear.
Although the company dealt with a resurgence of the virus after the period ended, it believed sales would continue to perform well.
“Despite [a] challenging macro environment, the outlook for the remaining quarters looks positive, and we continue to execute our investment plans in India, as well as chosen international geographies,” said Titan managing director C.K. Venkataraman.
Image: A store under the Tanishq brand, a division of Titan. (Titan Company)
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Tags:
C.K. Venkataraman, India, Jewelry, Leah Meirovich, Titan, Titan Company
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