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Titan Boosted by Steady Diamond Jewelry Sales

Nov 7, 2016 10:13 AM   By Rapaport News
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RAPAPORT...
Titan Company’s profit grew 23.5 percent in the second fiscal quarter as the Indian jewelry retailer benefited from buoyant sales of studded jewelry.

Profit after tax increased to $27.1 million (INR 1.81 billion) on a standalone basis in the three months that ended September 30, with diamond-studded jewelry outperforming the plain gold segment, the group said. Total sales were flat at $400.9 million.

“This was an extremely good quarter for the company with respect to profits. All businesses of the company recorded profits in the quarter,” said Bhaskar Bhat, Titan’s managing director.

Sales increased 1.9 percent to $823.9 million in the first fiscal half that ended September 30. Profit-after-tax rose 3.2 percent to $46.1 million.

The stronger performance continued into the Indian festive season that kicked off the third quarter, with jewelry brand Tanishq recording “39 percent growth” between the October festivals of Dussehra and Diwali.

“The festive season has commenced very well,” Bhat commented.
Tags: Bhaskar Bhat, Diwali, Dussehra, India, Jewelry, Rapaport News, retail, Tanishq, Titan, Titan Company
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