India's Tata-owned Titan projects 25% revenue rise in Q2 following reduction in gold duty

Kalyan Jewellers India

04/10/2024 15:30

Oct 4 (Reuters) - Indian jeweller and watchmaker Titan
Company  TITN.NS  reported on Friday that it estimates a 25%
increase in second-quarter revenue, as a reduction in customs
duty on gold imports helped improve domestic demand for some of
its jewellery products.
    India slashed import duties on gold in July to 6% from 15%,
a move that was viewed as aiding retail demand.
    The jewellery segment, which includes brands like Tanishq
and Mia, is expected to grow 26%. It contributed about 89% to
the Tata-owned company's consolidated total income as of
June-end.
    The watches and wearables segment, which sells products from
brands like Fastrack, Police and Coach, expects a 20% increase
in revenue, the company added.
    Jewellery rival Kalyan Jewellers  KALN.NS  is yet to publish
its quarterly update.

 (Reporting by Ashna Teresa Britto; Editing by Vijay Kishore)
 ((AshnaTeresa.Britto@thomsonreuters.com;))