Despite Q3 margin miss, Street remains positive on Titan's prospects

Analysts remain cautious about near-term consumption trend

Aided by festive demand and robust showing in jewellery sales, Titan posted a 22 per cent growth in revenues for the third or December quarter of financial year 2023-2024 (Q3FY24). Standalone jewellery sales, excluding bullion, remained strong at 23 per cent on the back of domestic demand and shipments to international subsidiaries. 

The company highlighted that festive-led gold purchases resulted in double-digit buyer growth for the quarter, while new buyer contribution was 50 per cent across all jewellery brands. The jewellery sales growth of 23 per cent was strong considering the challenging operating environment and higher competitive pressures. The price