India's Titan first quarter profit rises more than 50% on higher gold prices
Titan, home to Tanishq and CaratLane jewellery brands, posted a profit of 10.91 billion rupees ($124.65 million) for the quarter ended June 30, compared with 7.15 billion rupees a year earlier.
Spot gold rose 5.5% during the quarter, continuing its bullish run fuelled by investor flight to safe-haven assets due, in part, to U.S. trade jitters and tensions in the Middle East.
Overall revenue rose 21% to 148.14 billion rupees.
Though there was no improvement in the number of customers, like-for-like domestic sales growth was still in the "double digits", Titan said in its first quarter business update in July, citing steeper prices as Indian consumers bought investment-grade gold coins and turned to lower-carat gold jewellery.
"Consumer confidence in gold as both adornment and store of value remains intact," Managing Director CK Venkataraman said in a statement.
Overall sales in Titan's jewellery business, which includes its Zoya and Mia brands and accounts for the bulk of its top line, climbed 19% in the reported quarter.
($1 = 87.5240 Indian rupees)
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