The Titan Company in its annual outlook report for FY22 has said that the second COVID wave has proved to be a setback for its business plans that were made with a lot of ambition, substantial excitement and passion. The company, however, said it is moving ahead with calmness and composure and is confident of overcoming all the challenges.
The company, which primarily operates in segments such as watches, jewellery and eyewear, is expecting consumer demand to be good in FY22.
“The economic circumstances of the company’s customers (the upper middle class) are expected to be as good as in FY2021-22 or perhaps even better, given that virtually all companies are giving out raises to their employees, with its cascading effects on other segments of the population,” the report highlighted.
The report further mentioned that the rural economy is also likely to be good on account of good monsoon rains and that will also leave a cascading positive effect on other consuming segments. Moreover, it was reported that the management of cash and the balance sheet have become well-institutionalized processes in the company, and tthis should hold the company in good stead to overcome tough periods.