Optically, Titan has seen a strong Q1FY22 but at the same time last year, April and May saw zero sales. So, on the back of that, the Q1FY22 saw a sales growth of 117 odd percent. However, at the same time last year, the overall sales were close to Rs 1,900 crore of which, Rs 600 crore were the sales of gold bullion. So, there’s an adjustment for all of that.
Q1FY22 revenue is seen at the Rs 2,700 crore mark which is 62 percent lower quarter-on-quarter (QoQ), so that says that the second wave has impacted demand.
Similar is the case with their jewellery division which, as per the company year-on-year (YoY) has seen 107 percent sales, but just for bullion sales, it is 36-37 percent sales coming in which is 62 percent lower than the previous quarter, that is Q4.
New customer additions for Titan have been at pre-pandemic levels and the company has opened five new stores. 90 percent of their stores are now open for business so the second quarter looks much better.
Watch the accompanying video of CNBC-TV18’s Mangalam Maloo for more details.