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,