India’s Titan Company on Tuesday posted a 40% jump in overall sales for the third quarter, driven by a higher average selling price for its gold jewellery and festive season demand.
The company is best known for its eponymous watch brand and the Tanishq network of jewellery stores.
India’s festive season usually takes place during the October-December quarter and is seen as an auspicious time for large-ticket purchases such as jewellery.
Titan’s jewellery business, which accounts for nearly 88% of its revenue, grew 41% year-on-year in the quarter ended December 31.
Indian jeweller Titan posts slower sales as surge in gold prices dent demand
Spot gold prices rose nearly 12% during the quarter, to close out a calendar year in which the precious metal clocked its steepest rise since 1979, driven by geopolitical uncertainties, rate cuts and robust central bank buying.
The increase in average selling price offset flattish growth in the number of customers, Titan said.
Sales of watches, Titan’s second-largest business, grew 13% due to demand for premium products. Eyewear sales, too, climbed 16% during the quarter.
American Dollar Exchange Rate