The sales income during the quarter under review grew 42% to Rs 3,944 crore from 2,770 crore in the corresponding quarter of previous year.
“The jewellery division recorded an income growth of 54% in the first quarter to Rs 3,308 crore as against Rs 2,151 crore,” Titan Company said in a release.
The jewellery business has delivered a stellar performance due to combination of one of the best Akshaya Tritiya sales, a very successful gold exchange programme, as well as an element of advancement sales in June 2017 in anticipation of higher Goods & Service Tax (GST) rates, it added.
At 9:58 am; the stock was up 8% at Rs 604, as compared to 0.04% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 8.31 million shares changed hands on BSE and NSE so far.
So far in the calendar year 2017, the stock zoomed 85% against 21% rise in the benchmark index.