Titan Ltd records strong growth in March quarter
Tata Group-owned Titan Company Ltd has said that it has witnessed a strong business momentum across sectors during the January-March quarter.
Titan recorded strong revenue growth of 60 percent for the overall March quarter with the jewellery segment contributing the highest followed by watches, wearables, and the eyewear divisions.
The company's watches and wearables division had witnessed a recovery rate of close to 90 percent for the first two months while the eyewear division's revenue grew by 20 percent in the March quarter.
“The company continued to witness strong business momentum as the Covid impact on the consumer sentiments seemed to fade in the early part of the quarter. After recording the best ever revenue in Q3, which was a festive season, the company again recorded very strong revenues in Q4," Titan said in its quarterly update.
“Sharp decline in gold prices during the quarter also gave impetus to the consumer demand for the industry. The fourth quarter of the last fiscal also had a large B2B (business-to-business) order, contributing to about 10 percent of the quarter's growth,” the company added.
Titan Ltd has plans to expand its retail presence in the Middle East with the addition of a new store in Dubai.
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