Titan has come out with the details of its quarterly performance ahead of their Q3FY20 results. The company said it witnessed different consumer response to different segments. Titan operates in three main business segments — the jewellery, watches and eyewear.

Jewellery

Jewellery, the company said, did better than what it expected at the start of the quarter and this perhaps could be the fact that Indians love gold and weddings and there was inelastic demand for wedding jewellery — that’s what aided its sales.

Jewellery sales saw 15 percent growth in the retail business, overall revenue growth of 11 percent as against the guidance of 11-13 percent.

The reason why retail growth is higher as against the overall growth is that Q3 had a large institutional order of Rs 200 crore for gold coins.

Watches and eyewear

In watches and eyewear segments, protests in the northeast and other parts of the country impacted sales.

Watches’ growth for Q3 was flat as against industry growth of minus 4 percent. Eyewear division as well grew just around 2 percent due to heavy competitive activity, lower primary sales to trade channels and disruption due to nationwide protests.