Watches-to-jewellery maker Titan has said that it recorded a revenue growth of 60 per cent for the fourth quarter of FY21 with the second half of March impacted by the emerging Covid situation.
The company recorded strong revenue growth for the overall March quarter because of low base of March 2020, with revenue growth of over 36 per cent in the comparable January and February months, said Titan in a BSE filing. The revenue growth was aided by a large B2B gold coin order that contributed to 8 per cent of the growth.
“The jewellery division continued to see strong sales momentum in Q4, reflecting the strong market share gains. Sharp decline in gold prices during the quarter also gave impetus to the consumer demand for the industry,” said the Bengaluru-headquartered company in a quarterly update.
The segment registered a revenue growth of 70 per cent due to the low base of March month in the previous year. This continues the momentum for the jewellry division which witnessed a well-rounded recovery, with improvement in walk-ins and pick-up in sales in metros, sub Rs 1-lakh category, and the studded segment in Q3 on the back of festive season. The division added 26 Tanishq stores on a net basis during the financial year.
The watches and wearables division had a recovery rate of close to 90 per cent for the first two months of the quarter. It had flat revenue in the quarter compared to last year. “The e-commerce channel continues to have higher salience, with all other channels also making good progress. Metros and mall stores have seen better recovery during the quarter compared to last quarter,” said the company.
Eyewear reported a 20 per cent growth in revenue during the quarter. Other businesses had a revenue recovery of around 80 per cent in the March quarter, compared to the revenue of the corresponding quarter a year ago. Taneira continued to recover well with 93 per cent per cent recovery in January and February month, however, the accessories business was a drag on the segment.