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Titan Withstands Indian Demonetization

Jeweler musters growth amid changing environment.
May 15, 2017 3:54 AM   By Rapaport News
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Titan Company’s sales and profit increased in the fiscal fourth quarter that ended March 31, even with India’s jewelry market under pressure following November’s demonetization program.

Revenue jumped 44% to $543.4 million (INR 34.87 billion), with jewelry sales up 55% to $446 million (INR 28.62 billion) during the period, the retailer reported Friday. Net profit, excluding subsidiaries, increased 7% to $31.3 million (INR 2.01 billion).

The improvement came against the backdrop of “a changing environment and regulatory moves like demonetization,” said Ravi Kant, Titan’s executive vice president for corporate communications.

A year ago, a nationwide jewelers’ strike dampened sales, and the Indian government’s demonetization policy invalidating 86% of currency notes sapped liquidity from smaller and medium-sized jewelry companies. It also affected swathes of consumers, who were left with limited means to make purchases.

Nonetheless, Titan sales for the fiscal year that ended March 31 grew 16% to $2.05 billion (INR 131.71 billion), according to the company’s consolidated results, which include subsidiaries.

“The year 2016-17 was an extremely satisfying year in terms of company performance, given the market conditions,” managing director Bhaskar Bhat added. “The strength of the company’s brands, the reach of its retail and distribution network, and the effectiveness of new product introductions and marketing campaigns was tested in a difficult environment.”

Image: GJEPC
Tags: Bhaskar Bhat, Demonetization, India, jewelers’ strike, Jewelry, Jewelry sales, Rapaport News, Ravi Kant, retail, Titan, Titan Company
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