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Titan Sees Third-Quarter Growth

Reduced GST rate and a change in government reporting requirements aid performance.
Feb 6, 2018 4:59 AM   By Rapaport News
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RAPAPORT... Titan Company’s sales grew in the fiscal third quarter, buoyed by a healthy Diwali season and recent government regulations that favored the jewelry business.

Revenue rose 7% year on year to $670.4 million (INR 42.96 billion), while profit for the three months ending December 31 surged 21% to $44 million (INR 2.82 billion).

All the company’s businesses — which include jewelry, watches, sunglasses and optical frames — showed favorable results during the festival season, said Bhaskar Bhat, Titan’s managing director. He explained that the government decision to exempt the gem and jewelry industry from reporting requirements under the Prevention of Money Laundering Act (PMLA) had worked to the company’s advantage. It also benefited from the reduction of the goods and services tax (GST) for watches, sunglasses and optical frames, he added.

Titan’s jewelry sales grew 8% to $557.1 million (INR 35.70 billion) during the quarter.

For the first nine months of the fiscal year, revenue increased 24% to $1.85 billion (INR 118.63 billion), while profits soared 54% to $124.6 million (INR 7.98 billion).

Titan Company is the largest jewelry retailer in India, with 1,439 stores, 166 of which were added over the nine-month period ending December 31.
Tags: Bhaskar Bhat, Diwali, GST, India, Jewelry, PMLA, Prevention of Money Laundering Act, Rapaport News, Titan, Titan Company
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