Titan revenue from jewellery biz drops 5%

Bengaluru: Titan said revenue of its jewellery business fell 5% in the fourth quarter, hurt by weak business in March due to closure of malls and stores to prevent the spread of coronavirus. Revenue growth in the first two months was 16.5%, which was offset by the events in the last month.

The jewellery business, under the brand Tanishq, has been the company’s growth engine, contributing almost 80% to the topline annually. “Consequent to the serious disruptions in operations in March, revenue growth for the quarter and consequently for the year has been impacted severely. The company is working out its strategy to manage this crisis with particular focus on ensuring adequate liquidity is available till normalcy returns. Cost will be another major focus area for the company in these trying times,” the company said in a statement. The eyewear business, a relatively small business, saw revenue tanking 20% last quarter. The watches business, which has seen some turnaround in the last few years after foraying into the smart category, grew 1%.

Courtesy: TOI