Jewellery maker Titan's Q1 revenue up 19% as gold prices boost sales

Titan Company's domestic sales rose 19 per cent in the first quarter led by higher gold prices, outpacing the 9.3 per cent growth from a year ago, the Indian jewellery and watch maker said on Monday. 

Its mainstay domestic jewellery business, which contributes close to 90 per cent to its overall revenue, grew 18per cent year-on-year, the company said in a business update.  

Gold prices have risen in the past two quarters, as investors fled to the safe haven amid US President Donald Trump's shifting trade policies and tensions in the Middle East. 

Spot gold was up 5.5 per cent in the three months ended June 30. 

 

For Titan, higher prices of the precious metal led to a growth of low double digits percentage in like-to-like domestic sales across its brands Tanishq, Mia and Zoya, the company said. 

Its watches business, the second largest by revenue, clocked a sales growth of 23 per cent, driven by higher prices and volumes, Titan said.