A not-so-buoyant festival season commencing from October due to a general slowdown in the economy would result in revenues remaining flat in the third quarter ending December for Titan Company.
“There were big expectations, but growth hasn't been as good as the previous year, the Dussera to Diwali sales saw no growth. Therefore, our third quarter revenues would more or less remain flat,” Managing Director of Titan, Bhaskar Bhat told Deccan Herald.
The company had reported revenues of Rs 2,983 crore and net profit of Rs 204 crore in the third quarter in financial year 2012-13. Its second quarter revenues this fiscal stood at Rs 2,290 crore and net profit at Rs 187 crore.
He added that the good part is about post-Diwali sales that have not witnessed decline, despite the overall slowdown.
Bhat spoke after launching the company's 1000th store in Bangalore on Monday. He said that the 5,200 sq ft store retailing eyewear and watches would break even in about three years.
He also said that though the slowdown has almost bottomed out, he does not see any “big surge” is the near future. “Of course, if the government gets inflation under control and consumer sentiments improve, things would look up,” he said.
The current year has seen the predominantly jewellery and watches company foray into helmets and fragrances. Bhat said that in the future, the company would continue to venture into new segments in the retail space.