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Titan’s 3Q Revenue +17% on Stronger Festive Sales

Jan 31, 2016 9:35 AM   By Rapaport News
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RAPAPORT... India-based jeweler Titan Company reported revenue increased 17 percent year on year to $504.6 million (INR 34.26 billion) in the third quarter that ended December 31 as retail sales improved during the festive season.

The strong result was mainly because of 20-percent growth in jewelry sales to $415.3 million from a year ago, Titan’s managing director Bhaskar Bhat explained in a statement January 28. Watch sales increased 8.2 percent to $70.5 million. Profit after tax during the quarter jumped 18 percent to $33.2 million.

“Festive-season demand remained lukewarm and needed shoring up with consumer schemes,” Bhat cautioned. “Our effort continues therefore to be one of generating demand through new product introductions and network expansion while retaining our focus on cost control.”

During the nine months to December 31, total revenue declined 6.4 percent to $1.3 billion as jewelry sales fell 9.6 percent to $1.01 billion. Profit after tax dropped 14 percent to $76.8 million.
Tags: India, Jewelry, Rapaport News, retail, retail sales, Titan Company
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