Solitaire - - SPECTRUM -

Tan­ishq, the largest In­dian jew­ellery re­tail chain, reg­is­tered an im­pres­sive 37% in­crease in sales to crore for the sec­ond quar­ter that ended Septem­ber 30th 2017. Tan­ishq’s sec­ond-quar­ter profit be­fore fi­nance costs and taxes was I367.5 crore, a jump of 68% ver­sus a year ago.

“The jew­ellery divi­sion con­tin­ues to gain mar­ket share and (the) watch busi­ness is see­ing very good vol­ume growth as well,” said Ti­tan Com­pany, the jeweller’s par­ent firm.

The jew­ellery busi­ness has al­most com­pleted con­ver­sion of 19 of the erst­while Gold­plus stores into Tan­ishq. This move has yielded greater visibility and prof­its for the com­pany.

Bhaskar Bhat, man­ag­ing direc­tor, Ti­tan Com­pany, said, “Our jew­ellery busi­ness was im­pacted by the new PMLA reg­u­la­tions at the be­gin­ning of the quar­ter but the roll­back just be­fore the fes­tive sea­son pro­vided a boost to the busi­ness. How­ever, the slow­down in in­ter­na­tional mar­kets con­tin­ued. Driven by the per­for­mance of all di­vi­sions, led by jew­ellery, the profit growth of 74% is very heart­en­ing.”

Ti­tan Com­pany an­nounced an ex­cep­tional growth in prof­its while re­port­ing a growth of 28.9 per­cent in in­come in the sec­ond quar­ter. The in­come from op­er­a­tions in the sec­ond quar­ter, July to Septem­ber 2017, was I3,378 crore, against last year’s in­come of I2,620 crore dur­ing the same pe­riod. The in­come for April to Septem­ber 2017, the first half of this fi­nan­cial year, stands at I7,322 reg­is­ter­ing a growth of 35.8% over last year.

The net profit for Q2 is I305 crore, against I178 crore last year, record­ing a growth of 70.9%. The net profit for the six months ended Septem­ber 2017 is I572 crore. The Q2 profit be­fore tax is I424 crore, a growth of 73.8% and I795 crore for the first half, a growth of 89.1%.

The Ti­tan Com­pany re­tail chain stands at 1,415 stores, as on Septem­ber 30th 2017, with a re­tail area cross­ing 1.8 mil­lion sq ft na­tion­ally for all its brands. crore,

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