Titan Company, which owns the Tanishq jewellery brand and holds a majority stake in CaratLane, reported that its jewellery business saw revenue rise 13.3 percent during the first quarter of fiscal 2019-20 (April-June) to ₹4,047 crore ($571.64 million) from the ₹3,572 crore ($504.5 million) recorded in the first quarter of fiscal 2018-19.
"Growth in the jewellery segment was adversely impacted by high gold prices, especially during the month of June 2019," Titan said in a regulatory filing with the Bombay Stock Exchange.
The watches business grew by 20.4 per cent to ₹715 crore ($101 million) during this period, while its eyewear business saw a 13.1 percent rise in revenue to₹149 crore ($21 million).
Managing Director Bhaskar Bhat commented, "The macro-economic environment coupled with lower consumption has impacted some of our businesses. The retail growth in jewellery was driven by encouraging performance in the studded as well as wedding jewellery segments. However, there has been a weak consumer sentiment prevailing across all segments, especially in jewellery, with additional factors like price volatility and customs duty increase."
Standalone profit for Titan’s combined businesses, (jewellery, watches, eyewear, fragrances and sarees) for the period stood at ₹370.73 crore ($52.37 million). This is a 6 percent rise from the ₹349.17 crore ($49.32 million) the company reported during the same period the previous fiscal year.