Tanishq revenue jumps to 90% of pre-Covid levels on stable gold prices

The company will be launching a collection for the coming festive season followed by some new collections for the wedding season

After reporting a 56 per cent decline in Q1FY21, the revenue of Tanishq, the jewellery division of Titan, has recovered to almost 90 per cent of pre-Covid levels, ahead of consensus.

According to an ICICI Securities note, the likely drivers are rising volumes, mainly due to the somewhat stable gold prices, and consumers's acceptance of higher gold prices.

“We are encouraged by the customer response we have got and are very happy with business recovery. Tier-2 and Tier-3 towns have continued to do better than Tier-1 towns, even as almost all towns have seen improving recovery trends month on month,”