Titan Company on July 5 posted a growth of 9 percent year-on-year in the first quarter of FY25, the company said in its quarterly business update.
A total of 61 stores (net) were added, taking Titan's total combined retail network presence to 3,096 stores, the company said. Jewellery operations saw a growth of 8 percent YoY.
The shares of the company closed 1.9 percent lower at Rs 3,272.5 on the National Stock Exchange.
The firm said the Akshaya Tritiya week saw a double-digit growths (in Tanishq secondary sales) compared to the same period last year.
However, high gold prices, which saw a yearly growth of 20 percent, and their continued firmness had an impact on consumer demand, the firm said. This coupled with lower wedding days, the overall sentiments were relatively tepid in comparison to first quarter of FY24.
In the watches and wearables segment, the domestic business surged 14 percent on-year, while the revenue growth in analog came in at a healthy 17 percent, the firm said. On the other hand, wearables witnessed a decline of 6 percent on-year.
"Customer preferences towards premium products was clearly visible with higher growths seen in Titan, Helios channel and Nebula, Edge and Xylys."
Its EyeCare's domestic business jumped 3 percent on-year, with the division's foray into affordable fashion aiding volume growth
for the category.
In emerging businesses, Taneira's revenue grew 4 percent on-year as the brand opened 4 new stores during the quarter, two of them in the new cities of Jodhpur and Nashik, according to the company.
Moreover, Caratlane's business surged 18 percent on-year as it added 3 new domestic stores (net) in the quarter expanding its network presence to 275 stores pan-India.
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