Home / Companies / News /  Rakesh Jhunjhunwala portfolio: Titan reports muted sales in Q4

Titan Company Ltd on Wednesday said it finished the March quarter on a satisfactory note, despite partial Omicron-led lockdowns and adverse affect of consumer centiments.

The company said sharp increase and volatility in gold prices and uncertainty due to a fragile gee-political situation played spoilsport in March.

However, Titan said underlying demand remained strong across all of its businesses with most segments posting year-on-year growth over a very strong Q4FY21 base.

Jewellery segment ended the volatile quarter on a flat note and business saw subdued activity in top cities due to the Omicron wave. The segment declined 4% year-on-year, with a net addition of 16 new stores.

"While walk-ins saw minor decline, the customer conversions and ticket sizes grew marginally for the quarter compared to the same period last year. Sales from top 8 cities grew in single digits while the rest of India saw a small decline," Titan said.

The watches and wearables segment grew 12% year-on-year and 34 new stores were added during the March quarter.

Titan said the segment saw good growth momentum amidst a challenging external environment with sales increasing across all offline channels on the back of Titan brand.

"Sales from retail and large format stores (LFS) clocked higher growth followed by trade. West and North regions saw much higher growth amongst geographies. store expansions (net) continued with 24 new stores in Titan World and 10 in Helio," it said.

The eyecare division rose 5% over last year, led frames and sunglasses.

Veteran investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together hold 5.09% stake in Titan as of December quarter, as per the BSE shareholding pattern.

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