Titan Company's revenue grows by 25% YoY in January-March quarter

Titan Company’s revenues in the January-March quarter grew by 25 per cent year-on-year aided by higher growth contributions from watches & wearables and emerging businesses. 

Also, its jewellery division grew 23 per cent YoY, the company said in its business update ahead of its earnings. 

“The base quarter of Q4FY22 carried the adverse impacts of partial lockdowns during the Omicron wave and weak consumer sentiments caused by a fragile geopolitical situation due to the onset of Russia-Ukraine war,” it said. 

The jewellery business performance was largely led by buyer growth both in new and repeated coupled with an increase in ticket size. 

The large ticket purchases were led by a rich mix of high-value studded solitaires and a revival in wedding sales, enabled by healthy gold exchange contributions. “While January and February saw continuation of strong consumer purchase intent that was visible during the festive season, a sudden spike in gold prices however led to a relative softening of demand in March,” it said. 

The watches and wearables business reported 41 per cent YoY growth due to a strong growth in analog watches segment and almost tripling of revenues from wearables, which led to the business hitting a milestone of 5,000 core of uniform consumer price sales for FY23.

Premium brands in watches continued their strong performance with brand Titan and brands in Helios stores registering double-digit growth that were higher than the overall segment. 

In the eyewear business, its sales grew 22 per cent YoY. “The network expansion carried out during the course of the year helped Titan Eye+ stores achieve healthy double-digit growth YoY. Trade & distribution (trade) channel grew faster whilst improving its contribution in the overall pie,” it said. 

The fashion & fragrance division grew 31 per cent YoY driven by 35 per cent growth in fragrances and 24 per cent in fashion accessories. 

Its ethnic wear brand, Taneira sales witnessed a growth of 208 per cent compared to last year driven by new store openings and growth from existing stores.

During the quarter, Titan Company added 126 new stores across its various divisions taking its total store count to 2,488. It also added 47 CaratLane stores, taking the total count to 222.