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Business News/ Markets / Stock Markets/  Titan Q1 Update: Revenue grows 20% on robust all-round performance; retail footprint expands to 2,778 stores
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Titan Q1 Update: Revenue grows 20% on robust all-round performance; retail footprint expands to 2,778 stores

The jewellery maker also said that during the quarter, it added 68 stores, including CaratLane, taking Titan's retail footprint to 2,778 stores.

The jewellery maker also said that during the quarter, it added 68 stores, including CaratLane, taking Titan's retail presence to 2,778 stores. Photo: Ramesh Pathania/MintPremium
The jewellery maker also said that during the quarter, it added 68 stores, including CaratLane, taking Titan's retail presence to 2,778 stores. Photo: Ramesh Pathania/Mint

Titan Company announce don July 6 that it has registered a 20 percent year-on-year (YoY) revenue growth with all key consumer businesses exhibiting double-digit growth for the April-June quarter of current fiscal. The jewellery maker also said that during the quarter, it added 68 stores, including CaratLane, taking Titan's retail footprint to 2,778 stores.

The company's jewellery division grew 21 per cent in the first quarter of fiscal 2023-24. The key categories of gold and studded grew with no notable change in the overall product mix. "Buyer growth was higher than average ticket size growth for the period. Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust," said Titan in a regulatory filing to the stock exchanges.

Also Read: Titan’s ethnic wear brand to double stores in 3 years

Tanishq added a new store in Sharjah, expanding its international presence to seven stores in the GCC region and one store in the US. The domestic new store additions consisted of nine stores in Tanishq and eight stores in Mia by Tanishq.

In the watches and wearables division, Titan saw a 13 percent YoY growth, which comprised eight percent growth in analog watches segment and 84 percent YoY growth in wearables. EyeCare Division saw sales growth of 10 per cent YoY. Titan also underlined that the trade & distribution channel grew faster than Titan Eye+.

Brand Titan and international brands saw strong buying momentum, clocking strong double-digit growth. “Consumer preferences for premium brands resulted in a good uptick in the average selling price for watches," the company said. Amongst key trade channels, Helios chain, Large Format Stores (LFS), and e-commerce clocked higher growth rates compared to others. Out of the 26 new stores added during the quarter, 14 stores were in Titan World, 9 stores in Helios, and 3 stores in Fastrack, respectively.

In emerging businesses, Titan said fragrances & fashion accessories grew 11 per cent year-on-year driven by nine per cent growth in fragrances and 13 per cent growth in fashion accessories. Taneira's Q1 sales grew by 81 per cent year-on-year, it added.

On July 6, shares of Titan settled 0.18 per cent higher at 3,105.70, compared to its previous close of 3,100.05 apiece on the BSE

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 06 Jul 2023, 10:07 PM IST
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