Tuesday, May 21, 2024

Titan Q4 revenue up 25% driven by watches and wearables, emerging businesses

Titan Company on Thursday said that the March quarter of fiscal year recorded healthy double-digit growth across all of its key businesses. The revenues of Titan grew by 25 per cent year-on-year aided by higher growth contributions from watches & wearables and emerging businesses.

The company said that both domestic and overseas retail store network expansion has seen good results. At the end of the March quarter, Titan said it had 2,710 stores in its retail network (including CaratLane). 

In the December quarter, it has added 126 new retail outlets, said Titan in its regulatory filing.

The jewellery business grew 23 percent on-year, with 31 new stores being added during the quarter.

“The robust performance was majorly led by buyer growths, both new and repeat, and 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 contribution. The purchases at entry level and lower price bands saw normalization in buyer growth. While January and February saw continuation of strong consumer purchase intent that was visible during the festive season,” said Titan.

Zoya opened its landmark store in February at Taj Mahal Palace, Mumbai, while Mia by Tanishq saw the fastest store expansion adding 18 new stores in the quarter. Tanishq expanded its retail network in Dubai, thus its international presence now covers 7 stores spread across Dubai, Abu Dhabi and USA.

The maximum growth was recorded by Titan in its ’emerging businesses’ category, where business grew by 84 per cent YoY. The emerging businesses includes fragrance and fashion accessories, and Indian dress wear sold under ‘Taneira’ brand.

The fragrance and fashion accessories category grew 31 per cent YoY driven by 35 per cent growth in fragrances and 24 per cent growth in fashion accessories. While Taneria sales shot up by 208 per cent YoY driven by new store openings and healthy growth from existing stores. With 5 new additions, the total store count stands at 41 spread across 22 cities within India.

The watches and wearables division grew by 41 per cent YoY growth which was underpinned by strong growth in analog watches segment and almost tripling of revenues from wearables. 

“Both of this led to Business hitting a significant milestone of INR 5,000+ crores of Uniform Consumer Price (UCP) sales for FY23,” said Titan.

The company has added 52 new stores in this category of business in Q4 FY23.

The sales from the eyecare business grew by 22 percent YoY, and the company added 38 new Titan Eye+ stores in the December quarter.

In key subsidiaries, CaratLane’s business grew 56% YoY while it added a record 47 new stores (net) in the quarter taking the total store count to 222 stores spread across 88 cities pan-India.

On Thursday, Titan’s scrip ended 0.93 per cent down at 2,548.75 on BSE.

 

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