Titan surges 6.2 per cent on sparkling Q3FY17 quarterly update

Titan Company made an announcement of its Q3 performance post market hours yesterday, January 2, 2017.

The quarter started off on a high of festive season and long awaited resurgence of consumer sentiments. This festive season was best among last few years as, both Tanishq and Watches performed above expectations.

The jewellery segment had a great season as Tanishq recorded 40 per cent sales growth over the festive month aided by new collection launches, well-planned schemes and attractive exchange programme. The sales on November 8 were abnormally high due to the announcement of demonetisation. The company directed its staff to adhere to the regulations and ensured all stores closed sale at midnight. Post demonetisation a few days were slack but the sales gained back the average daily sales momentum quickly. This was due to strong wedding season and closure of many smaller jewellers. Tanishq’s growth in Q3FY17 is around 15 per cent. Tanishq added four new stores in Q3FY17.

The watches segment also had a good season with numerous new launches and exciting offers. The watches segment added 7 WOTs, 3 Helios and 1 Fastrack stores in Q3FY17.

Though the eye-wear business is struggling due to headwinds of slow industrial growth, the company’s focus on the geographical expansion is expected to aid the company’s growth in the long run. 11 Spexx stores were closed till
December 2016, while 21 Titan Eye Plus stores were added in Q3FY7.

Today, the Titan Company share opened at Rs 339 and surged 6.2 per cent to Rs 353.50. The day's high and low were Rs 353.8 and Rs 339, respectively.