Titan Profit, Revenue Up in First Quarter

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