Titan's watches, wearables sales reach pre-pandemic levels
Titan Ltd’s watches and wearables division has witnessed strong growth over the last few months with sales reaching pre-pandemic levels, on the back of strong festive season.
The division witnessed strong sales in the premium category in price points of Rs 10,000 ($125) and above helping it reach nearly 98 percent of pre-Covid level sales.
Titan expects sales to completely recover by end of the fiscal year due to festive demand coupled with the easing of Covid-19 related restrictions.
“There has been an increase in off-take with out-of-home consumption and discretionary spends picking up, Moreover, compared to the first wave, there has been an increased off-take for premium offerings post opening up after the second wave,” Suparna Mitra, CEO of watches and wearables at Titan Ltd told Businessline.
“We are almost at pre-Covid levels in terms of recoveries even as we are into Q3FY22. We expect H2 to do well; with sales being better than pre-Covid ones. However, it will be tough to say if we can better pre-Covid levels for the full fiscal or not.,” she added.
Titan Ltd’s net profit surged 270 percent to Rs 641 crore in the quarter ended September 2021 while its revenue rose by 78 percent to Rs 7,243 crore.
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