‘Led by jewellery, biz has recovered 75%’

Our business has recovered to about 75% of pre-Covid levels, led by the jewellery category, which has recovered to about 98% in the second quarter, compared to the revenue in the same period last year. We are targeting to reach 100% of pre-Covid levels by Q4 of the current fiscal year.

It has been a baptism by fire for C K Venkataraman, who took charge as MD at Titan in October last year — after a long innings by Bhaskar Bhat at the watches-to-jewellery company — and within six months had to face the full fury of the pandemic. He says that while business has been hampered due to demand slowdown, the company expects to return to pre-Covid levels by the fourth quarter of the current fiscal…

How far has business returned to normal?

Our business has recovered to about 75% of pre-Covid levels, led by the jewellery category, which has recovered to about 98% in the second quarter, compared to the revenue in the same period last year. We are targeting to reach 100% of pre-Covid levels by Q4 of the current fiscal year.

What are the challenges that you still face?

Some of our businesses are hampered by a demand slowdown, which is due to the absence of socialising and the near total work-from-home situation, aggravated by the anxiety over stepping out and shopping. We are working to create desire and demand even in such circumstances and, of course, continue to offer the gold standard in shopping safety.

How much cost increase are you grappling with?

Cost increase is not really a challenge. We have an aggressive cost-erosion programme, which was started before the pandemic struck.

Has Covid-19 impacted remuneration or resulted in downsizing?

We believe that people are our biggest asset and they will get the company back to full recovery the fastest. Our remuneration decisions are driven by this philosophy and have been quite light of touch.

What is the key learning from this crisis?

It is critical to be a very efficient business enterprise all the time — in management of costs and capital.

How are you maintaining work-life balance?

I don’t really connect with the phrase ‘work-life balance’. But if the question is about how I am maintaining my sanity in these challenging times, the answer is: By keeping a very good balance between my family time, work and my passions — singing, running and cooking. Having the maturity to distinguish between pressure and stress, and not worrying a bit about a crisis that is not at all our making also helps.

Courtesy: Retail Economic Times