Tanishq powers nearly 50% jump in Q4 profit of parent company Titan

The jewellery brand reported an almost 33% increase in sales in the last quarter

Jewellery brand Tanishq, which accounts for more than three-fourths of the revenue of parent company Titan Co Ltd, reported an almost 33% increase in sales in Q4 of FY-22-23. This led Titan to report an almost 50% jump in its fourth-quarter profit, on the back of increasing demands for its jewellery, watches and wearables. Titan’s profit rose to Rs 7.34 billion ($90 million) from Rs 4.91 billion in the last quarter.

Tanishq saw a 15% increase in the number of new and repeat buyers, Titan said in an investor presentation. The growth in the wedding segment also recovered, moving marginally ahead of overall retail sales growth, it added. Overall, Titan saw a 27% increase in product sales, to Rs 85.53 billion.

There is an expectation by analysts that gold prices will remain at an all-time high in the coming months as central banks cease raising interest rates and investors buy bullion to dodge economic uncertainty, a Reuters poll showed. Other than gold jewellery by Tanishq, Titan also makes watches and wearables under the Fastrack and Helios brands, which showed a 40% revenue increase.

Courtesy: Reuters