Titan Company returned to year-on-year growth in sales in Q3 FY 2020-21 led by an impressive festive season recovery in the jewellery division. Titan’s Q3 jewellery sales grew by 16% (excluding gold bullion sales of Rs.340 crore) to Rs.6,249 crore, compared to Rs.5,409 crore in the corresponding quarter of the previous year.
There was a significant recovery in the diamond studded segment of the jewellery business, Titan stated. While coin sales continue to remain high (contributing to 8% of Q3 sales), the wedding jewellery segment also witnessed a very good growth in the quarter. The studded mix saw sequential improvement in Q3 2021 to 26%, although still lower compared to 29% in Q3 2020. The quarter also witnessed a well-rounded recovery with improvement in walk-ins and pick up of sale in metros, sub 1-lakh category and studded segment, Titan added.
C.K. Venkataraman, Managing Director, Titan Co., stated, “We are very pleased to see the return to growth in top line for the company and the recording of the highest ever profits in any quarter in the midst of the pandemic that has hit the world so hard. The recovery witnessed has been significantly better than what we had hoped just a few months back. It is the innovativeness and the untiring efforts of the employees and all business associates along with the positive consumer sentiment that has made this possible. We believe the focus on productivity and cash generation will help improve the company’s margins in the future.”
The company’s retail chain (including CaratLane) stands at 1,854 stores, as on 31st December, 2020 with a retail area crossing 2.4 million sq. ft. for all its brands covering 292 towns.
CaratLane’s Q3 revenue grew 38% year-on-year to Rs.272 crore, doing well both online (+68%) and offline (+43%).
Mithun Sacheti, Founder and Managing Director of CaratLane, said, “This quarter has been really exciting for CaratLane as we have achieved many firsts in Q3. The company has achieved profitability, our retail footprint has crossed the 100-store mark, and we recorded first ever 100 crore+ month.”