Consumer discretionary major Titan Company reported high double-digit revenue growth for the quarter ended March 2024 on the back of a solid show by jewellery and emerging businesses.
Titan‘s revenue jumped 17% year-on-year in the fourth quarter and 86 stores were added in the same period. The overall store count currently stands at 3,035.
Jewellery domestic operations increased 19% year-on-year, led by buyers and same-store sales clocking healthy double-digit growths.
The growth was similar across gold (plain) and studded segments. Tanishq added a new store in Dubai and Chicago during the quarter. Of the 27 store additions in India, 11 were added in Tanishq and 16 in Mia.
Watches & Wearables domestic business surged 7% year-on-year, comprising 7% revenue growth in analogue watches and 2% in wearables.
Helios channel housing Titan and international brands grew fastest in the analogue portfolio clocking healthy double-digit growth. 44 stores were added in the quarter consisting of 10 stores in Titan World, 20 in Helios and 14 in Fastrack.
Meanwhile, the EyeCare division’s revenue declined 1% year-on-year. Titan Eye+ added a store in Dubai, taking the total count to 4 in the GCC region.
In the emerging businesses, Taneira’s revenue surged 37% year-on-year. The brand opened 11 stores during the quarter, of which 8 were new city additions.
The fragrances and fashion accessories revenue increased 12% year-on-year. Within this, revenue in fragrances rose 9% year-on-year and fashion accessories jumped 18% year-on-year.
During the March quarter, Caratlane’s business was up 30% year-on-year, while the studded segment grew in-line with overall growth.
On Friday, Titan stock closed 0.7% lower at Rs 3,754.65 on the NSE.
