Titan Company sees shares rise after record Q4 sales

Indian watch and jewellery manufacturer Titan Company’s shares have risen as much as 5.7% after reporting a record 42% increase in quarterly domestic sales.

According to Reuters, the increase is driven by higher average selling prices for gold and rises in buyer volumes.

The company reported that its jewellery business, which accounts for 90% of its profits, grew 46% year-on-year (YoY).

The results were released by Titan in a business update for the quarter ending 31 March. During this quarter, spot gold prices increased nearly 8%.

Titan’s second largest business, watch sales, grew 7% due to 16% YoY growth in analogue watches, despite a 53% YoY decline in the Smart Watches category.

Overall, Titan ​posted a 22.5% rise in consolidated revenue to 140.49 billion rupees.

Read the full report here.