Titan, the jewellery and watchmaker owned by the giant Tata group, reported a net profit of ₹238 crore ($37.4 millioin) for the first quarter ended June 30, nearly double the ₹121 crore $19 million) reported in the same quarter in 2016, thanks to strong jewellery sales that more than made up for a lacklustre performance in the watches and eyewear segment.
Revenue for the period rose 42 percent to ₹4,049.60 crore ($636.7 million), the company said in a filing with the Bombay Stock Exchange (BSE).
Revenue from its jewellery segment, which includes the pan-India Tanishq brand, increased 57.3 percent to ₹3,352.21 crore ($527 million), contributing more than 74 percent to Titan’s top line.
Company chief executive Bhaskar Bhat was quoted as saying the jewellery segment had delivered a “stellar” performance due to a combination of one of the best-ever sales performances over the Akshaya Tritiya gold-buying festival, an extremely successful gold exchange program and a measure of advanced buying by consumers who expected higher prices after the Goods and Services Tax (GST) kicked in on July 1.
https://www.gemkonnect.com/news/jewellery-segment-nearly-doubles-titan-q1-profit-37m