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Titan Profit, Revenue Up in First Quarter

Indian retailer overcomes “soft patch” in jewelry market.
Aug 6, 2018 9:34 AM   By Rapaport News
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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
Tags: Bhaskar Bhat, Rapaport News, Titan, Titan Company
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