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Titan Enjoys Diwali Boost to Sales and Profit
Feb 14, 2021 5:40 AM
By Rapaport News
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RAPAPORT... Revenue and earnings rose at Titan Company in the third fiscal quarter as the Indian jewelry retailer saw a recovery in consumer demand during the important Diwali period.
Sales climbed 17% year on year to INR 76.59 billion ($1.06 billion) in the three months ending December 31, including at subsidiaries, the company reported last week. Profit increased 12% to INR 5.3 billion ($73 million).
Titan noted an “impressive festive-season recovery in the jewelry division,” with sales for the category up 22% at INR 68.36 billion ($942 million) during the quarter. The diamond-studded segment experienced a “significant” rebound, coin sales were high, and wedding-jewelry sales also grew, the group added. Revenue from watches fell 12% to INR 5.51 billion ($75.9 million).
“The recovery witnessed has been significantly better than what we had hoped just a few months back,” said C.K. Venkataraman, Titan’s managing director.
Sales for the first nine months of the fiscal year dropped 13% compared to the same period in 2019, for a total of INR 142.8 billion ($1.97 billion). Profit plunged 65% to INR 4.06 billion ($55.9 million), reflecting heavy losses earlier in the year. While spending plummeted from March through June amid lockdowns, it picked up in the run-up to the November 14 Diwali festival as retailers benefited from a release of pent-up demand.
Image: A Titan store in Deoghar, Jharkhand. (Shutterstock)
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Tags:
C.K. Venkataraman, Diwali, India, Jewelry, Rapaport News, retail, Titan, Titan Company
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