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Titan Company sparkles in Q1 as revenue jumps led by strong jewellery business performance boosted by strong Akshaya Tritiya sales. In an interview to CNBC-TV18, S Subramaniam, CFO of Titan Company spoke about the results and his outlook for the company.
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Reports indicate that government is likely to lower import duty on gold to 6 percent from 10 percent. Speaking to CNBC-TV18, S Subramaniam, CFO, Titan Company says it will be a good sign if the government takes this decision as it will curb smuggling of gold in a big way.
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Sales of both jewellery and watches over the last one week has returned to the levels seen for the same period before demonetisation was announced, says S Subramaniam, CFO, Titan Company.
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Watch the interview of S Subramaniam CFO Titan Company with Manisha Gupta on CNBC-TV18, in which he shared his reading and outlook on gold.
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Demand for gold continues to be muted, but clear growth for diamond studded products is visible for Titan, says the company‘s CEO S Subramaniam. Demand is a concern across the industry.
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While domestic sales for Titan were robust, exports and after sales services impacted the business in quarter gone-by, says S Subramaniam, CFO of the company. Domestic sales for the company grew 11 percent in Q1.
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After the company posted its fourth quarter earnings, Titan said it is targeting 15 percent plus growth in fiscal year 2017.
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S Subramanian, CFO of Titan says gold jewellery segment is doing well and foresees positive growth from hereon.
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S Subramaniam, CFO of Titan says the watches business is hit mostly owing to slackness in discretionary demand
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In spite of walk-ins being a challenge for the industry, the company will go ahead with its store expansion plans because of its belief in the long-term Indian growth story, says S Subramaniam, CFO, Titan Company.
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The company will continue with its expansion plans irrespective of soft demand and plans to add one lakh square feet this year.
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S Subramaniam, CFO of Titan Company says it had to stop the previous Golden Harvest Scheme because of the changes in the Companies Act. The new scheme will be compliant with New Companies Act, he adds. It will be very similar to the old one, except that the returns have to be lowered to levels mandated by the Companies Act.
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Last week, ruling coalition Barisan Nasional secretary- general Adnan Tengku Mansor urged all ethnic Indian-based political parties under the Barisan umbrella to merge into a single entity in the "best interests" of their community.
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The easing-off of gold prices recently has come as a "welcome respite" and it will boost gold volumes in the fourth quarter, S Subramaniam, CFO, Titan Industries said on Friday.
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The government has pegged FY13 divestment target at Rs 30,000 crore. In an interview to CNBC-TV18, S Subramaniam, Axis Capital says the divestment will be successful, as long as it is fairly priced.
