Tata Group company Titan estimates 24% rise in Q3 revenue on festive demand

Indian jeweller and watchmaker Titan Company estimates a 24% rise in third-quarter revenue, buoyed by domestic festive demand for jewellery.

Strong consumer traction during the festive season translated into high single-digit percentage buyer growth in the jewellery segment, gets the company about 87% of its total revenue from the business. The company had reported a 22% rise in third-quarter revenue last year.

Gold demand in India usually strengthens towards the end of the year, which coincides with the traditional wedding season and major festivals including Diwali and Dussehra, when bullion buying is considered auspicious.

India, the world’s second-biggest buyer of gold, had also slashed import duties on the bullion in July, making prices more appealing. The quarterly report sent Titan’s shares 1.8% higher in early trading.