Tata Group-owned Titan posts weak quarterly rev growth on weak gold demand

BENGALURU (Reuters) – Indian jeweller and watchmaker Titan Company posted its weakest quarterly revenue growth in two years on Friday, hurt by muted demand amid surging gold prices.

Titan’s standalone revenue rose 9% year-on-year in the first quarter ended June 30, the Tata Group-owned company said in a statement. This is its slowest growth since its revenue fell in the quarter ended March 31, 2022.

The company’s revenue had increased 17% in the fourth quarter.

Its jewellery business grew 9% year-on-year in the June quarter, slower than the previous quarter’s 18% increase. Titan is the largest-listed jewellery retailer in India by market capitalisation.

The segment, which houses brands like Tanishq and CaratLane, accounted for about 87% of its consolidated total income, as of the March quarter.

Demand for gold jewellery took a hit in the quarter as domestic gold prices hit a record high, with some buyers even postponing purchases hoping the government would cut import duty in the upcoming budget.

Titan’s watches and wearables segment, which sells products from brands like Fastrack, Police, and Coach, saw a 15% revenue growth.

The business accounts for about 7% of the company’s total income.

(Reporting by Varun Hebbalalu in Bengaluru; Editing by Eileen Soreng)



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