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Tanishq spurs Titan’s revenue growth in June quarter
The jewellery unit’s revenues were up 54%
By: Diamond World News Service
Aug 11 2017 12:14PM
Reference: 15466  

With a 42 percent increase in overall revenues for the quarter ending June 30, 2017, Titan Company Limited considers its performance in the quarter to have been very good, reports say. The jewellery unit of the company, namely Tanishq saw a 54 percent increase in income to Rs. 3307.71 crore from Rs. 2150.59 crore in the same quarter last year. The watch division delivered a modest growth in income, that of 2 percent to Rs. 509.92 crore from Rs. 499.73 crore, while its eyewear unit revenues stood flat at Rs. 110.67 crore, reports say.

The overall company’s revenues stood at Rs. 3944.49 crore after a 42 percent rise, and profit before tax (PBT) at Rs. 370.70 crore after a 110 percent increase over the same quarter last year, reports say.

The company’s accessories, fragrances and sarees units together saw a rise of 46 percent in revenue to Rs.19.90 crore.

The company attributes its overall growth in revenues to the good sales in its jewellery unit, the favorable sales during Akshaya Tritiya and consumer buying in anticipation of GST, and the many programs it has designed to drive sales, reports suggest.

The company furthered its retail expansion as it added net of 31 stores for all its businesses. Its retail chain count stood at 1397, at the close of the quarter.

Also, while it noted a growth across its retail formats in its watch division, its topline growth was mellowed owing to delayed brand activities for its Titan and Fastrack watch brands. Also, the eyewear division’s low activity was attributed to slow movement in the product category, as per reports.

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