We will deliver between 12% to 13% jewellery EBIT for the full year: Ashok Sonthalia, Titan

economictimes.indiatimes.com:

«We have been quite satisfied with the quarter one performance and it was as per our plan. Quarter one generally is slightly weaker from the margin profile because Akshaya Tritiya which is more gold-led quarter and studded activation actually happens in quarter two,» says Ashok Sonthalia, CFO, Titan.

Just wanted to begin by discussing your jewellery margins because they are at the lowest levels that we have seen in the last nine quarters. Do you still maintain your guidance for the jewellery EBIT to be around 12-13%?We have been quite satisfied with the quarter one performance and it was as per our plan.

Quarter one generally is slightly weaker from the margin profile because Akshaya Tritiya which is more gold-led quarter and studded activation actually happens in quarter two. So, quarter two margin profile and quarter three festive and quarter four again diamond activation.

So, overall, we are still very-very hopeful that we will maintain our guidance and continue to deliver between 12% to 13% EBIT for the full year.Demand in May was subdued, June saw recovery. What is the demand outlook currently given that there are some festivities which are going to be pushed back this year and do you see 20% plus growth sustaining for rest of the year?Like for last 10-12 months, I would say, we have been seeing the volatility in prices and oscillation in consumer sentiments, sometimes they are there and sometimes there are dull moments, fortnights when nothing is happening which was the characteristic of quarter one as well which we just concluded and we delivered about 19-20% growth there.

We talked about that July has been also pretty much okay and as per quarter one trend for us. Adhikmas has not seemed to be impacting at least