India's Tata Group-owned Titan posts 50% jump in Q4 profit
BENGALURU (Reuters) - Indian jewellery and watch maker Titan Co Ltd reported an almost 50% jump in fourth-quarter profit on Wednesday as demand for its watches and wearables rose alongside jewellery.
The Tata Group company's profit rose to 7.34 billion rupees ($90 million) in the three months ended March 31, from 4.91 billion rupees a year earlier.
The sale of products jumped about 27% to 85.53 billion rupees after jewellery brand Tanishq, which accounts for more than three-fourths of the revenue, reported an almost 33% increase. The brand saw a 15% increase in the number of new and repeat buyers, the company said in an investor presentation.
Meanwhile, growth in the wedding segment recovered, inching marginally ahead of overall retail sales growth, it added.
Analysts expect gold prices to keep close to all-time highs in the coming months as central banks stop raising interest rates and investors buy bullion as a hedge against economic uncertainty, a Reuters poll showed.
Besides gold, the company makes watches and wearables under the Fastrack and Helios brands, a segment that reported a 40% increase in revenue.
(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Dhanya Ann Thoppil)