Titan Company’s jewellery division — comprising Tanishq, Zoya, Mia and CaratLane — garnered revenues of Rs.2,467 crore ($332 million) for the first quarter that ended 30th June 2021, up 109% compared to Rs.1,182 crore ($159 million) in the same period last year (excluding bullion sale in both the years).
The Jewellery division is gaining good traction in new customers and its mix in total buyers has reached the pre-pandemic levels, the company noted. Like last year this year too, the division lost the sales related to ‘Akshaya Tritiya’ festival due to lockdowns. The division optimised the inventory during the lockdown period by selling the excess raw gold worth Rs.424 crore versus Rs.601 crore in Q1 of last year.
Titan said the Jewellery division achieved Earnings Before Interest and Tax (EBIT) of Rs.207 crore ($27.8 million) for the quarter compared to the loss of Rs.54 crore ($7.27 million) in the previous year.
C.K. Venkataraman, Managing Director, Titan Company, stated: “While we started the quarter with strong business momentum, the second wave of the pandemic severely disrupted it and we quickly shifted our priorities to health and safety of our employees, business associates and customers. The learnings and experience of the past year helped us navigate this quarter’s turbulence much more efficiently.
“As the lockdowns started getting relaxed in different parts of the country in the month of June, and with the rising vaccination level, we saw demand coming back steadily. Given the challenging economic backdrop during the quarter, I believe Titan delivered a satisfactory financial performance. With the strengthened digital presence and high percentage of vaccinated employees and associates making our retail store a safe place, we are optimistic about the overall performance of the company.”