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Revenue rose strongly at Titan Company in the past quarter as Indian consumers shifted to higher-priced jewelry during the September festival period.
Consolidated sales at the country’s largest jewelry retailer — including at subsidiaries — advanced 29% year on year to INR 188.37 billion ($2.12 billion) for the second fiscal quarter, which ended September 30, the company reported Monday. Net profit jumped 59% to INR 11.2 billion ($126.3 million).
Jewelry revenue climbed 21% year on year to INR 140.92 billion ($1.59 billion), reflecting an increase in the average ticket size at its Tanishq, Mia and Zoya brands. Sales of gold jewelry at those labels increased around 13% year on year, while revenue from coins surged 65% as growth in gold prices supported investment demand.
“The quarter witnessed a slow start, and performance progressively improved with the early festive commencement in September,” wrote Titan managing director C. K. Venkataraman in an investor presentation.
Demand momentum was especially strong during Navaratri, a Hindu festival that began on September 22.
“Our jewelry business, in particular, benefited immensely from this late surge, underscoring the enduring consumer affinity for our brands of Tanishq, Mia, Zoya and CaratLane,” Venkataraman added.
Image: Inside a Tanishq store. (Titan Company)
