“The jewellery business witnessed a mid-teens growth (around 15 per cent) for the 30 day festive season starting from Dussehra till Diwali over the corresponding period last year, with a decent recovery in studded jewellery sales,” the company said in a business update.
Titan said its watches and wearables business also did good business during the festive season with recovery close to last year levels.
“Eyewear business has also witnessed good traction,” the company added.
Titan had reported a 37.81 per cent decline in standalone net profit at Rs 199 crore, while its total income stood at Rs 4,389 crore for the quarter ended September 30, 2020.
During the second quarter of this fiscal, Titan’s jewellery division recorded an income of Rs 3,446 crore as compared to Rs 3,528 crore last year, a decline of 2 per cent. Titan’s watches and wearables business reported an income of Rs 400 crore against Rs 719 crore in the previous year, a decline of 44 per cent.
The eyewear business revenues declined by 39 per cent in the quarter, to Rs 94 crore as against Rs 154 crore last year.
Shares of Titan Company Ltd were trading 3.75 per cent higher at Rs 1,327.60 on the BSE.