Titan Company on July 6 said it has registered a 20 percent year-on-year (YoY) revenue growth with all key consumer businesses exhibiting double-digit growth for the quarter ended June 30, 2023.
The jewellery maker also said that during the quarter, it added 68 stores, including CaratLane, taking Titan's retail presence to 2,778 stores.
Moreover, the jewellery division delivered a satisfactory performance, growing 21 percent YoY in Q1FY24. Buyer growth was higher than average ticket size growth for this period. "Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust," Titan added.
Tanishq added a new store in Sharjah, thereby expanding its international presence to seven stores in the GCC region and one store in the US. The domestic new store additions consisted of nine stores in Tanishq and eight stores in Mia by Tanishq.
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In the watches and wearables division, Titan saw a 13 percent YoY growth, which comprised eight percent growth in analog watches segment and 84 percent YoY growth in wearables.
Brand Titan and international brands saw strong buying momentum, clocking strong double-digit growth.
“Consumer preferences for premium brands resulted in a good uptick in the average selling price for watches,” the company said.
Amongst key trade channels, Helios chain, Large Format Stores (LFS), and E-commerce clocked higher growth rates compared to others.
Of the 26 new stores added during the quarter, 14 stores were in Titan World, 9 stores in Helios, and 3 stores in Fastrack, respectively.
Shares of Titan on July 6 closed 0.18 percent higher at Rs 3,105.70 apiece on the BSE.
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