RAPAPORT... Shares in Titan Company rose after the retailer reported growth
in revenue and profit in the second fiscal quarter.
Sales jumped 28% to INR 45.95 billion ($630.2 million) in
the three months ending September 30, while profit climbed 8% to INR 3.01
billion ($41.3 million), the Indian company said last week. Jewelry sales grew
29% during the quarter, with watch revenue up 17%. The jeweler’s stock price climbed 6% Monday after the announcement, which it released following market close on Friday.
“The jewelry business picked up this quarter after a soft
first quarter, and the watches business had one of its best quarters, with an
extremely healthy growth in bottom line for the first half,” Titan managing
director Bhaskar Bhat said.
Titan, which claims to be India’s largest jewelry retailer,
opened 20 stores during the quarter, giving it a total of 1,540 stores around
the country.
Image: A diamond and emerald bangle by Titan brand Tanishq. (Titan Company)
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