Indian Festive Season Buoys Titan Profit

RAPAPORT... Titan Company's sales and profit jumped in the second fiscal quarter as the Indian retailer benefited from solid festive demand. Revenue - including at subsidiaries - climbed 22% year on year to INR 92.24 billion ($1.11 billion) for the three months ending September 30, the company reported last week. The jeweler registered a profit of INR 8.35 billion ($100.9 million), a 30% increase over the same period of 2021.Sales rose 22% to INR 79.97 billion ($966.4 million) from the retailer's jewelry brands, which include Tanishq and CaratLane. Revenue from watches advanced 20% to INR 8.3 billion ($100.3 million). Other proceeds came from smaller divisions such as eyewear, fragrances and fashion.Consumers generally purchase gold and jewelry in the lead-up to the Indian holidays, which include Dhanteras and Diwali. This year, the shopping season ran from the end of September through late October."The company has continued its strong performance into the second quarter across all business segments," said Titan managing director C.K. Venkataraman. "Despite an uncertain macro environment, the current festive season...has been quite positive and the consumer confidence remains upbeat."During the first six months, Titan added a net 105 stores, bringing its total to 2,408. It plans to continue to expand over the rest of the year, it noted."We remain relentlessly focused in executing our growth plans in India and overseas and are optimistic about our performance in the remaining quarters of the current financial year," Venkataraman added.Image: A Tanishq jewelry store. (Titan Company)