8 July 2019 TTAN delivered lower-than-targeted Jewellery sales growth of ~13% YoY in 1QFY20 on account of the tough macroeconomic environment and high gold prices (particularly in June). In fact, the first half of the quarter was good in terms of sales, with 19% YoY growth till 7 May19 (as mentioned in 4QFY19 earnings call). However, gold prices increased toward the second half, which, in our view, led to demand postponement, impacting segmental growth for the quarter. collection of both plain and studded jewellery. Watches division sales increased 19% YoY in 1QFY20, partly aided by a large institutional order from Tata Consultancy Services (TCS). The division saw its semi-annual activation in both Titan and Fastrack brands during the quarter. Eyewear division also saw activation during the quarter, which helped achieve revenue growth of ~13% YoY. Growth in trade channel exceeded that in overall division in 1QFY20.