Titan witnesses boost in sales in Q3, jewellery segment grows 15 percent

Tata Group owned firm Titan Co Ltd has witnessed a surge in sales in the third quarter (October to December) for the current fiscal with jewellery segment growing 15 percent.
Tanishq – Facebook

Titan had posted strong results in the second quarter as well with revenue and profits soaring 29% and 67% respectively at Rs 3518 crore (approx 543.8 million) and Rs 278 crore (approx $43 million) from the previous fiscal.
Titan’s watches and eyewear division also delivered strong performances in the quarter with the company attributing the growth to festive season sales during the Diwali season and change in GST rates, Titan said in a BSE (Bombay Stock Exchange filing).
Titan’s jewellery segment growth was mainly credited to the government provisions under Prevention of Money Laundering Act (PMLA) implemented in the country from October 6.
“Under the earlier PMLA provisions, any sale of gold above Rs 50,000 required customers to furnish PAN (permanent account number) or Aadhaar. The change in the provisions sparked a surge in sales at Titan’s flagship Tanishq jewellery stores just in time for the festive season,” the company said.
Titan also launched a men’s jewellery sub-brand under Tanishq called ‘Aveer’ in the last quarter. Titan Company ltd ended the quarter with 1415 stores across the country.

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