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Titan Upbeat After Strong Quarter

Government U-turn on regulation boosts Indian jeweler’s performance.
Nov 7, 2017 7:33 AM   By Rapaport News
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RAPAPORT...
Titan Company experienced a rise in sales and profits in the second fiscal quarter as the Indian jeweler benefited from a government U-turn on regulation and the broadening of its well-known Tanishq brand.

Revenue grew 30% to $541.8 million (INR 35.18 billion) in the three months ending September 30, including subsidiaries, the retailer reported last week. Profits soared 67% to $42.8 million (INR 2.78 billion).

Titan, which operated 1,415 retail stores at the end of the quarter, said it was on track to complete its conversion of 19 stores under the Goldplus jewelry brand into Tanishq stores. The rebranding campaign has already made the stores more visible to the consumer, resulting in higher profits, the company explained.

In addition, the government’s decision to exempt the gem and jewelry industry from reporting requirements under the Prevention of Money Laundering Act (PMLA) worked to the company’s advantage. The program initially included the jewelry trade.

“Our jewelry business was impacted by the PMLA regulations at the beginning of the quarter, but the roll-back, just before the festive season, provided a boost to the business,” said Titan managing director Bhaskar Bhat.

“The watch business also witnessed growth across most channels, with the festive season build-up appearing very encouraging,” he added.

Image: Gem & Jewellery Export Promotion Council 
Tags: India, Jewelry, Rapaport News, retail, Titan, Titan Company
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