Titan Ltd expects strong Q3 growth on festive season sales

By

Maverick Martins

Published
Jan 5, 2020

Watches and jewellery maker Titan Company Ltd is expecting strong growth from its jewellery division for the second quarter ended December 31, 2019, on the back of strong festive season sales.
 

The company’s jewellery division witnessed 11 percent growth for the quarter, while the overall retail growth of the company was 15 percent.
 
Titan’s business, however, witnessed a slowdown in the month of December, due to heavy protests in parts of the country with regards to the Citizenship Amendment Act.

“Retail sales in jewellery were better than expected at the beginning of the quarter, possibly due to a good wedding season and reasonable inelasticity of wedding jewellery, but growth in watches and eyewear were difficult to come by," Titan said in a filing with BSE.
 
 “The jewellery industry witnessed reasonable growth in the festive season and the company itself did better and market share gains were evident. The division met its revised expectations for the quarter. Sales in all divisions in the second half of December were also impacted to some extent due to forced store closures due to the protests in the North East and in many other parts of the country," the company added.
 
For the financial year 2018-19, Titan posted a net profit of Rs 1,389 crore ($193.6 million) while its revenue was Rs 19,961 crore.