Titan jewelry sales up 77% in Jul-Sep period

Titan Co Q2 FY22

Titan Co, India’s largest branded jewelry chain, reported a whopping 77% jump in its jewelry sales for the three months ended September, compared to the same period last year.

Some of the growth was due to the low-base effect. During the same period of last year, most of Titan’s showrooms were either closed or operating under heavy restrictions due to the COVID-19 lock-down.

Nevertheless, the performance of the Jul-Sep quarter of 2021 is higher even compared to pre-pandemic times.

Against jewelry sales of Rs 6,106 cr in the second quarter of this year, the company had jewelry sales of only Rs 3,528 cr for the same period in 2019 and 3,582 cr in 2018.

The other divisions, though less significant in terms of their contribution compared to the jewelry business, also saw marked improvement compared to 2020.

The Watches and Wearables business recorded an income of Rs 687 crore with 72% growth in Q2 FY22 compared to Rs. 400 crore in Q2 FY21.

The Eyewear business recorded an income of Rs. 160 crore with 70% growth in Q2 FY22 compared to Rs. 94 crore in Q2 FY21.

The other segments of the company comprising Indian Dress Wear and, fragrances & accessories recorded an income of Rs. 46 crore in Q2 FY22 compared to Rs. 23 crore in Q2 FY21.

The company’s consolidated net profit was also significantly higher this time, at Rs 641 cr against Rs 173 cr last year. In the same quarter of 2019, net profit was Rs 312 cr, up against Rs 301 cr in 2018.

The Tata Group company attributed the strong growth to a “demand recovery being witnessed in all segments of the company”.

“Our stores were fully operational, returning to pre-pandemic normalcy in most parts of the country with continued focus on health and safety of our customers, business partners and our employees.

“Titan’s store expansions have gained traction during the quarter, which was partially disrupted in the pandemic period. Our strong digital presence combined with trusted offline experience gives a positive outlook for the overall performance of the company for the rest of the fiscal year,” it said.