Titan Company, the Indian jeweller and watchmaker, announced on Monday that it expects a 24% increase in its third-quarter revenue, driven by strong domestic demand for jewelry during the festive season.
The company’s jewelry segment saw high single-digit percentage growth in buyers, reflecting strong consumer interest during key festivals. Titan’s jewelry business, which accounts for about 87% of its total revenue, reported a 26% year-on-year growth for the quarter ending December 31.
Gold demand in India typically rises during the latter part of the year, coinciding with the wedding season and major festivals like Diwali and Dussehra, when purchasing gold is considered auspicious. This year, India’s decision to reduce import duties on gold in July helped make the precious metal more affordable and appealing.
The quarterly report boosted Titan’s shares by 1.8% in early trading.
Titan’s jewelry brands, including Tanishq and CaratLane, experienced significant growth, with sales of plain gold rising by 24% and gold coin sales climbing 48%. Customers continued to view gold as a strong investment option.
Despite the strong performance, Titan had previously indicated in November that it would incur a loss of between 2.75 billion rupees and 2.80 billion rupees in the third quarter, due to the customs duty reduction and the inventory purchased at higher prices before the duty cut.
Titan’s watches and wearables segment, which includes brands like Fastrack and Coach, also reported a 15% increase in revenue for the quarter.
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