Munikoti RochanRecovering footfalls at stores nationwide helped India’s Titan Company post an over three-fold increase in profit for the quarter through September.
The jewellery and watches retailer said standalone profit after tax, for the three months to 30 September, rocketed 222% year over year to INR6.41bn ($85.4m), on a near 78% year on year increase in sales to INR69.21bn.
Tanishq is the flagship jewellery business, while subsidiary CaratLane Trading markets jewels across both online and offline channels.
"Titan's strong growth this quarter was underpinned by demand recovery being witnessed in all segments of the company,” Titan Company managing director CK Venkataraman said in a 27 October stock market statement.
“Our stores were fully operational, returning to pre-pandemic normalcy in most parts of the country with (a) continued focus on health and safety…Titan's store expansions have gained traction during the quarter…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," he added.
Titan operates 1,969 stores in 308 towns, which translates to over 2.6 million square feet of retail space countrywide, as per the regulatory filing.
The firm, which also sells eyewear, clothes and perfumes, has a market capitalization of around INR2.18trn on the National Stock Exchange (NSE), where its shares have gained some 58%, at INR2,460, so far this year.
Bengaluru-headquartered Titan’s founders – the Tamilnadu Industrial Development Corporation (TIDCO) and the Tata Group – held 52.9% of its stock as of the September quarter, which is the second quarter of the ongoing Indian financial year that ends in March.
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