Titan revenue grows 20% in Q1 FY24 on strong performance in key businesses

Titan Company recorded revenue growth of 20 per cent YoY for Q1 FY24 with all key consumer businesses exhibiting double digit growth in the quarter, it said in its pre quarterly update. 

It added a total of 68 stores (including CaratLane) during the quarter taking Titan's retail presence to 2,778 stores. 

The company’s jewellery division witnessed a  satisfactory performance and grew 21  per cent YoY in the Apirl-June quarter. “Buyer growth was higher than average ticket size growth for this period. Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust,” the company said.

The company also said that the key categories of gold and studded grew well with no notable change in the overall product mix. 

The watches & wearable division witnessed a 13 per cent YoY growth which comprised of 8 per cent growth in analog watches segment and 84 per cent YoY growth in wearables. 

Its eyecare division saw sales growth of 10 per cent YoY in the quarter and the Trade & Distribution (Trade) channel grew faster than Titan Eye+ improving its contribution in the overall pie.

In its emerging businesses, fragrances & fashion accessories grew 11  per cent YoY driven by a 9 per cent growth in fragrances and 13 per cent growth in fashion accessories. Taneira's Q1 sales grew by 81 per cent YoY.  “CaratLane grew 32 per cent YoY driven with healthy contributions from multiple avenues that included sales during Akshaya Tritiya,” it said.