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Titan Boosted by Steady Diamond Jewelry Sales
Nov 7, 2016 10:13 AM
By Rapaport News
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RAPAPORT...
Titan Company’s profit grew 23.5 percent in the second
fiscal quarter as the Indian jewelry retailer benefited from buoyant sales of
studded jewelry.
Profit after tax increased to $27.1 million (INR 1.81
billion) on a standalone basis in the three months that ended September 30, with
diamond-studded jewelry outperforming the plain gold segment, the group said. Total sales were flat at $400.9 million.
“This was an extremely good quarter for the company with
respect to profits. All businesses of the company recorded profits in the
quarter,” said Bhaskar Bhat, Titan’s managing director.
Sales increased 1.9 percent to $823.9 million in the first
fiscal half that ended September 30. Profit-after-tax rose 3.2 percent to $46.1
million.
The stronger performance continued into the Indian festive
season that kicked off the third quarter, with jewelry brand Tanishq recording “39 percent growth” between the October festivals of Dussehra and Diwali.
“The festive season
has commenced very well,” Bhat commented.
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Tags:
Bhaskar Bhat, Diwali, Dussehra, India, Jewelry, Rapaport News, retail, Tanishq, Titan, Titan Company
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