Titan Company, a leading player in the consumer discretionary sector, recorded strong double-digit revenue growth for the quarter ended March 2024, driven by impressive performances in its jewellery and emerging business segments.
Titan’s revenue surged by 17% year-on-year in the fourth quarter, with an addition of 86 stores during the same period. The total store count now stands at 3,035.
Domestic jewellery operations saw a 19% year-on-year increase, driven by strong double-digit growth in both customer numbers and same-store sales.
The growth was consistent across both plain gold and studded jewellery segments. Tanishq expanded with new stores in Dubai and Chicago during the quarter. Out of the 27 new stores in India, 11 were under the Tanishq brand and 16 under Mia.
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The domestic business of Watches & Wearables experienced a 7% year-on-year surge, with analogue watches witnessing a 7% revenue growth and wearables showing a 2% increase.
The Helios channel, which features both Titan and international brands, saw rapid growth in the analogue portfolio with robust double-digit growth. During the quarter, 44 stores were added, including 10 in Titan World, 20 in Helios, and 14 in Fastrack.
Meanwhile, the EyeCare division saw a 1% year-on-year decrease in revenue. Titan Eye+ opened a new store in Dubai, bringing the total count to 4 in the GCC region.
In emerging businesses, Taneira experienced a remarkable 37% year-on-year revenue surge. The brand launched 11 stores in the quarter, with 8 of them marking new city additions.
The revenue from fragrances and fashion accessories grew by 12% year-on-year. Specifically, fragrance revenue increased by 9% year-on-year, while fashion accessories saw a significant jump of 18% year-on-year.
In the March quarter, Caratlane‘s business saw a 30% year-on-year increase, with the studded segment growing in line with the overall growth rate.
On Friday, Titan’s stock on the NSE closed down 0.7% at INR 3,754.65.
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