₹357 crore is far ahead of ₹285 crore that a poll of Bloomberg analysts had estimated. Investors won’t complain especially when operating revenues have seen a decline of 5.2% to ₹4429 crore.
This was mainly on account of sales lost in the month of March. Titan’s stores were closed from 22 March till the first week of May owing to the covid-19 lockdown.
In fact, some states had closed shopping malls in early March due to restrictions. This meant stores in those malls were shut even before the nationwide lockdown was imposed.The company’s jewellery revenues declined by 5.8% year-on-year.
The business contributed as much as 84% of total revenues last quarter. According to Titan, revenue growth in January and February was about 16.5%.