Sales and earnings grew at Indian jeweler Titan Company in the fourth fiscal quarter as customer numbers and average spending increased amid a rebound in wedding-related demand.
Revenue jumped 33% to INR 104.74 billion ($1.26 billion) year on year for the three months that ended March 31, including subsidiaries, the retailer reported earlier this month. Net profit gained 40% to INR 7.36 billion ($88.9 million). For jewelry, the company’s biggest division, the number of buyers rose 15%, while the average ticket price rose 8%. Titan also sells watches, wearables and eyewear.
“The wedding segment witnessed a comeback, with growth rates marginally higher than the overall retail sales growth,” management said.
Revenue jumped 41% to INR 408.83 billion ($4.94 billion) for the 12 months that ended March 31. Net profit surged 49% to INR 32.74 billion ($395.2 million).
Image: A Titan store in Deoghar, Jharkhand, India. (Shutterstock)
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