Titan Co Ltd posted a consolidated profit of Rs 715 crore for the quarter ending June 30, a 5% decrease from Rs 756 crore a year earlier.
Titan Company, reported a lower-than-expected profit for the first quarter on Friday, as rising gold prices dampened consumer demand.The company posted a consolidated profit of Rs 715 crore for the quarter ending June 30, a 5% decrease from Rs 756 crore a year earlier.
Total Income of the Jewellery segment was reported at Rs.9,070 crores recording an increase of 19% compared to Q1FY23. The India business grew by 20% in the same period driven by healthy demand during Akshaya Tritiya and an attractive gold exchange program. The Buyer growth was 14% and the average ticket sizes moved up by 6% compared to Q1FY23.
On the Q1 results, Titan CEO CK Venkataraman said, “In the recently presented Union Budget, the custom duty on gold imports in the country has been reduced from 15% to 6%. This development has long term positive implications for the Jewellery industry. While this change is likely to entail a short-term impact in the form of value loss on duty paid gold inventory (expected to be expensed over the next two quarters), we remain optimistic on the longer-term benefits as it makes the market equitable for large businesses like ours.
“Our first quarter performance reflects mixed consumer trends in lifestyle categories. While the inclement weather conditions during the summers, general elections and lower wedding days impacted retail walk-ins, the growth metrics in Watches & Wearables and EyeCare were quite healthy,” he added.
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