Strong Holiday Season Buoys Sales at Titan
Revenue at Indian jeweler Titan Company rose in the third fiscal quarter amid strong demand during the October and November festive season.
Including at subsidiaries, sales jumped 16% year on year to INR 116.98 billion ($1.41 billion) in the three months that ended December 31, the company reported last week. Profit slipped 10% to INR 9.13 billion ($122.8 million).
While most divisions saw growth, the jewelry segment was “robust” during the period, which includes Dussehra, Dhanteras and Diwali, all popular holidays for purchasing gold jewelry, Titan noted. Sales from the category rose 15% to INR 104.46 billion ($1.29 billion). Revenue from watches grew 14% to INR 8.11 billion ($100.2 million).
“The quarter witnessed a strong festive consumer demand, and we delivered healthy double-digit growth,” said Titan managing director C.K. Venkataraman. “Our international endeavor is shaping up well and we are quite satisfied with the consumer response we are getting in the chosen international markets.”
Sales for the first nine months of the fiscal year surged 44% to INR 304.09 billion ($3.76 billion), while profit soared 52% to INR 25.38 billion ($313.5 million).
Image: A Titan store in Deoghar, Jharkhand. (Shutterstock)