Consumer discretionary major Titan Company saw 22% revenue growth for the third quarter ended December. The growth was broad-based as most of the segments put up a healthy performance during the quarter.
The company added a total of 90 stores during the quarter, taking the group’s total presence to 2,949 stores. At the end of September quarter, Titan had 2,859 stores.
Segment-wise, the jewellery division reported domestic growth of 21% year-on-year, which was led by double-digit buyer growth and moderate improvement in average selling prices.
The growth in gold (plain) and coins in this festive quarter notably exceeded the studded sales growth driven by higher consumer interest in gold despite elevated prices and volatility.
Suitable investments in exchange programmes and consumer offers were carried out during the festive period to maintain growth momentum. Wedding segment contribution improved marginally YoY.
Tanishq expanded its international presence adding two more stores in the US in Houston and Dallas and one store in Singapore. Of the 34 new store additions (net) in India, 18 were added in Tanishq and 16 stores were added in Mia.
Watches & Wearables
In the watches and wearables segment, the business grew 23% year-on-year. This was driven by 18% revenue growth in the analog watches and 64% growth in wearables.
Growth in the analog sub-segment was driven by healthy double-digit growth in Titan, Sonata, Helios and international brands. 25 new stores were added in the quarter, including 9 stores in Titan World, 11 in Helios and 5 in Fastrack.
EyeCare
Meanwhile, the EyeCare division saw a muted quarter with a revenue decline of 3% year-on-year. Titan Eye+ opened two new stores in the GCC region, one each in Dubai and Sharjah with no incremental additions during the quarter.
Emerging business
Among the emerging businesses, Taneira’s revenue jumped by a robust 61% year-on-year. The brand opened 11 new stores during the quarter.
The fragrances and fashion accessories revenue, meanwhile, declined by 9% year-on-year.
Caratlane business
Caratlane’s revenue rose 31% year-on-year, led by season’s new collections, wedding gifting curations and first ever ‘mangalsutra’ campaign. The business added 16 new domestic stores in this period expanding the network presence to 262 stores.
In the preceding second quarter, Titan posted 10% profit growth and 34% revenue growth.
On Friday, Titan’s shares closed 0.18% lower at Rs 3,713 on NSE.
