BENGALURU (Reuters) – Indian jeweller and watchmaker Titan said on Friday its revenue grew 17% in the fourth quarter, aided by strong demand for its jewelry products.
Titan, a joint venture between salt-to-software conglomerate Tata Group and Tamilnadu Industrial Development Corp, saw a 19% growth from its domestic jewelry operations. It accounted for roughly 90% of Titan’s total revenue as on Dec. 31.
The jewelery segment, which houses brands including Tanishq and CaratLane, was boosted by healthy inflow of buyers and double-digit percentage growth in its same-store sales.
Its watches and wearables segment, which sells products from brands like Fastrack, Police, and Coach, saw a 6% revenue growth.
The jeweller had reported third-quarter profit below estimates as escalating costs of bullion outshined demand during the festive season.
Titan has seen a growth in revenue for thirteen consecutive quarters.
(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Ravi Prakash Kumar)
