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Titan Sees Third-Quarter Growth
Feb 6, 2018 4:59 AM
By Rapaport News
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RAPAPORT... Titan Company’s sales grew in the fiscal third quarter, buoyed by
a healthy Diwali season and recent government regulations that favored the
jewelry business.
Revenue rose 7% year on year to $670.4 million (INR 42.96 billion),
while profit for the three months ending December 31 surged 21% to $44 million (INR
2.82 billion).
All the company’s businesses — which include jewelry, watches,
sunglasses and optical frames — showed favorable results during the festival
season, said Bhaskar Bhat, Titan’s managing director. He explained that the
government decision to exempt the
gem and jewelry industry from reporting requirements under the Prevention of
Money Laundering Act (PMLA) had worked to the company’s advantage. It also
benefited from the reduction of the goods and services tax (GST) for
watches, sunglasses and optical frames, he added.
Titan’s jewelry sales grew 8% to $557.1 million (INR 35.70 billion)
during the quarter.
For the first nine months of the fiscal year, revenue increased
24% to $1.85 billion (INR 118.63 billion), while profits soared 54% to $124.6
million (INR 7.98 billion).
Titan Company is the largest jewelry retailer in India, with 1,439
stores, 166 of which were added over the nine-month period ending December 31.
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Tags:
Bhaskar Bhat, Diwali, GST, India, Jewelry, PMLA, Prevention of Money Laundering Act, Rapaport News, Titan, Titan Company
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