RAPAPORT... Titan Company’s profit increased in the fiscal first quarter,
boosted by growth in all of the Indian retailer’s main divisions.
Profit jumped 38% year on year to $47.7 million (INR 3.28
billion) in the three months ending June 30, while revenue climbed 9% to $651.9
million (INR 44.87 billion), the company said. Its main business segments are
jewelry, watches and eyewear.
“All our core businesses have shown a healthy growth in
profit, in addition to market-share gains,” Bhaskar Bhat, Titan’s managing
director, said last week. “The modern retail formats for our [watch] business
have recorded good growth.”
Titan’s jewelry sales grew 6% to $529.2 million (INR 36.43
billion) during the quarter, while revenue from watches rose 15% to $86.6
million (INR 5.96 billion). The jewelry industry experienced a “soft patch” during
the quarter, resulting in only single-digit growth in that category for Titan,
Bhat added.
Titan is the largest jewelry retailer in India, with
1,520 stores, 27 of which it added during the quarter.
Image: Titan Company
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