Titan Firm on Wednesday stated it continued to witness sturdy enterprise momentum because the influence of COVID on client sentiments appeared to fade within the early a part of the January-March quarter.
The corporate recorded sturdy income development of 60 % for the general March quarter because of the low base of March 2020, with income development of over 36 % within the comparable January and February months.
“The corporate continued to witness sturdy enterprise momentum because the COVID influence on the patron sentiments appeared to fade within the early a part of the quarter. After recording one of the best ever income in Q3, which was a festive season, the corporate once more recorded very sturdy revenues in This autumn,” Titan stated in its quarterly replace.
Whereas the jewelry division has emerged very strongly from the disaster and witnessed sturdy development within the quarter, the watches and wearables and the eyewear divisions additionally made excellent progress on restoration.
Titan’s jewelry division continued to see sturdy gross sales momentum within the March quarter, reflecting the sturdy market share good points, as per the replace. Sharp decline in gold costs in the course of the quarter additionally gave impetus to the patron demand for the trade. The fourth quarter of the final fiscal additionally had a big B2B (Enterprise to Enterprise) order, contributing to about 10 per cent of the quarter’s development, the corporate stated.
Based on the corporate, reported income development for jewelry division for the quarter was 70 % because of the low base of March month within the earlier yr. Regardless of 70 % loss in retail gross sales within the first quarter of the final fiscal as a result of lockdowns, Titan stated the jewelry division has exceeded the retail gross sales of the earlier yr on a full-year foundation.
The corporate’s watches and wearables division had a restoration charge of near 90 % for the primary two months of the quarter and had flat reported income in This autumn in comparison with final yr. Eyewear division’s income grew 20 % within the March quarter with the expansion within the first two months being 4 %.
Titan stated different companies had a income restoration of round 80 % within the March quarter in comparison with the identical quarter final yr. Fragrances gross sales additionally recovered 80 %. CaratLane, which is 72.3 % owned by Titan, delivered a development of 60 % for the quarter persevering with its sturdy development trajectory.
For the worldwide enterprise division, the efficiency of its Dubai Boutique exceeded the interior expectations and all of the retail metrics are fairly wholesome, the corporate stated. The division is now planning to open one other retailer in GCC.
Titan additionally stated that in gentle of the higher than anticipated restoration, the corporate has absolutely reinstated the money part of the wage cuts of mid-to-senior workers undertaken in Might 2020 with retrospective impact.