RJ Market Watch
Retail sales in jewellery up in Q2, but hedges hurt: Titan
Mumbai: Titan, one of the sector’s leaders, said in a quarterly update that though retail sales of its jewellery segment grew by 7 per cent in the September quarter (Q2), revenues declined 2 per cent year-on-year due to adverse impact of hedges that matured during the quarter.
It added that a surge in gold prices from mid-June dented consumer demand through July, but in August and September retail growth was 15 per cent up YoY “possibly due to enhanced level of promotions and schemes.” ” In Q1, the jewellery segment contributed 81 per cent to Titan’s total revenues.
Hedging refers to a company taking a contrary position in the same asset in two different markets. If the inventory is hedged by selling it forwards and the price spikes, the hedging loss is offset by the concomitant gain in the spot market.
Average gold price during Q2 rose by 10 per cent to Rs 36,114 per 10 gm (ex GST) on global recessionary fears and brewing trade tensions between US and China.
The rupee prices rose even more due to the depreciation of the local unit.
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