Gold Rush Prompts 26% Titan Sales Surge
November 21, 24
(IDEX Online) - Titan saw jewelry revenue surge by 26 per cent as a direct result of India's government slashing duty on gold.
The company, which has almost 1,000 stores across the country, said there had been a "gold rush" after gold duty was cut in July from 15 per cent to 6 per cent, the biggest reduction in over a decade.
Total consolidated revenue for Q2FY2025 (three months to 30 September) was $1.62bn (NR 13,660 crores).
"The custom duty reduction saw revival in consumer interest as gold prices cooled off temporarily. The ensuing gold rush lasted well into mid-September," said Titan, a division of Tata Group, the country's largest conglomerate.
Revenue for watches and wearables increased by 19 per cent during the quarter.
Mr.CK Venkataraman, Titan's managing director, said: "After a muted Ql, Q2 witnessed encouraging growth across key businesses.
"Jewellery clocked healthy double-digit growth for the quarter. Our portfolio approach in this business of straddling diverse customer needs through the brands of Tanishq, Mia, Zoya and Caratlane is working well."
By comparison, in Q1 Titan reported a 9 per cent year-on-year increase in sales.