Titan said it saw strong revenue growth of 60% for the whole of the fourth quarter on a weak basis in March 2020, with the impact of the pandemic on consumer confidence appearing to wane at the start of the fourth quarter.
Revenue rose more than 36% in comparable January and February, Titan said in a regulatory filing Wednesday.
According to the company, the bridal jewelry segment drove the growth for the year and its share of overall jewelry sales increased significantly from last year. Efforts to increase Tanishq’s market share have yielded good results. For example, Tanishq has seen strong growth in Tamil Nadu, which has always been a stronghold of regional jewelers.
In May of last year, middle and senior Titan employees agreed to pay cuts to help the company weather the uncertain environment caused by the pandemic. “In light of a better-than-expected recovery, the company has fully reinstated the cash component of the retrospective pay cuts,” he said.
The performance of the exercise was the result of agility in navigating the crisis and uncertainty of the situation on the ground, as well as countless basic innovations and the introduction of digital channels to effectively reach customers, Titan said on file.