Moneycontrol PRO
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now

Titan Q2 update: Jewellery biz sales grow 18% YoY; firm adds 105 new stores

Its Watches & Wearables grew 20 percent YoY, clocking its highest quarterly revenue while the EyeCare business saw 7 percent YoY growth.

October 06, 2022 / 10:37 PM IST

Tata group firm Titan on Thursday said its overall sales grew 18 per cent year-on-year in the September quarter. The company, which operates in the segments as Jewellery, Watches & Wearables, and EyeCare has witnessed "healthy double-digit growth across most businesses," according to a quarterly update.

Titan added 105 stores in its retail network in the second quarter of the current fiscal. "The company witnessed healthy double-digit growth across most businesses with overall sales growing 18 per cent YoY," Titan said.

About the outlook for the festive season, the company said it continues to be "optimistic and is visible in positive consumer sentiment" across categories. During the September quarter, Titan's jewellery division, which contributes around 85 per cent of its revenue, grew "18 per cent YoY on a high base of Q2FY22 that had elements of pent-up demand and spillover purchases of a Covid-disrupted Q1 FY22".

The product-mix in the jewellery division improved compared to last year but continued to be below pre-pandemic levels. " Walk-ins grew in low double digits YoY with steady buyer conversions," the company said.

Its Watches & Wearables grew 20 percent YoY, clocking its highest quarterly revenue while the EyeCare business saw 7 percent YoY growth.

The overall sales of the company during the quarter grew by 18 percent. That apart, it added 105 stores during the three-month period, it said.

On Thursday, the company's shares settled flat at Rs 2,593.70 apiece on the BSE, up 0.34 percent against the previous close.

With inputs from PTI
Moneycontrol News
first published: Oct 6, 2022 08:21 pm