Titan posts profit surge on strong jewellery demand
- Strong gold demand led to a 63% surge in quarterly profit for India's Titan, highlighting its dominant position in the rapidly growing jewellery sector
India’s Titan posted a 63% increase in quarterly profit on Friday on strong demand for gold ornaments and coins as well as higher store footfalls.
Titan, home to Tanishq and CaratLane jewellery brands, said profit stood at 17.77 billion rupees ($186.64 million) for the first quarter ended June 30, compared to 10.91 billion rupees a year earlier.
Large jewellery chains such as Titan’s Tanishq and Kalyan Jewellers have been winning customers from smaller independent jewellers as they rapidly expand across India, the world’s second-largest consumer of gold.
The number of customers buying from Titan’s jewellery brands in India climbed at a low double-digit percentage pace, while the average amount they spent rose in the high double digits, according to a pre-results update.
For the quarter, sale of products rose to 207.87 billion rupees, from 148.14 billion rupees a year earlier.