Indian jeweller and watchmaker Titan Company reported an estimated 24% rise in third-quarter revenue, driven by robust domestic festive demand for jewellery. The company, which derives 87% of its revenue from its jewellery business, attributed the growth to strong consumer traction during festivals like Diwali and Dussehra, considered auspicious for gold purchases.
This marks a continued upward trend, following a 22% revenue increase in the same period last year. Titan’s jewellery division, which includes popular brands such as Tanishq and CaratLane, saw a 26% year-on-year growth in the quarter ending December 31.
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Gold Sales Surge
Sales of plain gold jewellery grew 24%, while gold coin sales jumped 48%, reflecting strong investment-driven purchases. Gold demand in India, the world’s second-largest buyer of the metal, typically peaks during the wedding season and festive months. A reduction in gold import duties in July further bolstered demand by making prices more attractive.
Other Segments Shine
Titan’s watches and wearables segment, which includes brands like Fastrack and Coach, recorded 15% revenue growth during the quarter, showcasing the company’s diversified success.
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The quarterly performance lifted Titan’s shares by 1.8% in early trading on Monday, signaling investor confidence in its festive-driven strategy and long-term growth potential.
As gold continues to be a favored investment and cultural symbol in India, Titan is well-positioned to capitalize on its strong brand presence and growing consumer base.
