Titan Q3 update: Revenue growth at 22% YoY, total 90 stores added

Titan

Titan on January 5 said that it has registered revenue of 22 percent year-on-year in the quarter ended December 30, 2023 while releasing its business update.

The jewellery and watch-making company added a total of 90 stores in the October-December period, taking the group's retail presence to 2,949 stores, Titan said in a regulatory filing.

Titan said that its jewellery division's domestic sales grew 21 percent, led by double-digit buyer growth and moderate improvement in average selling prices.

The growth in gold (plain) and coins in this festive quarter exceeded the studded sales growth driven by higher consumer interest in gold despite elevated prices and volatility, it added.

Moreover, watches and wearables segment saw domestic business growing 23 percent comprising 18 percent revenue growth in the analog watches and 64 percent growth in wearables.

Growth in analog sub-segment was driven by healthy double-digit growths in Titan, Sonata, Helios and International brands. 25 new stores were added in the quarter consisting of 9 stores in Titan World, 11 in Helios and 5 in Fastrack respectively.

EyeCare division revenue declined by 3 percent YoY. Titan Eye+ opened two new stores in the Gulf region, one each in Dubai and Sharjah with no incremental additions (net) during the quarter.

In emerging businesses segments, Taneira's revenue grew 61 percent YoY. The brand opened 11 new stores during the quarter comprising of a store each in Rajkot, Surat, Bhagalpur, and Chandigarh.

The Fragrances & Fashion Accessories revenue declined by 9 percent YoY. Within businesses, revenue in fragrances declined by 8 percent YoY whereas fashion accessories saw a decline of 10 percent YoY.

Meanwhile, shares of Titan on January 5 closed 0.30 percent lower at Rs 3,710.05 apiece on BSE.