Titan Q4 Update: Revenue up 25% YoY driven by watches and wearables, emerging businesses

The maximum growth was recorded by Titan in its 'emerging businesses' category, where sales shot up 84 percent YoY. This includes fragrance and fashion accessories, and Indian dress wear sold under the 'Taneira' brand. Five new stores, dealing with this category of business, were opened during the quarter, the company said.

The watches & wearables segment registered a 41 percent growth YoY. "Division trajectory of 41 percent YoY growth was underpinned by strong growth in analog watches segment and almost tripling of Revenues from wearables. Both of this led to Business hitting a significant milestone of INR 5,000+ crores of Uniform Consumer Price (UCP) sales for FY23," Titan said, adding that 52 new stores in this category of business were opened in Q4 FY23.

ALSO READ: Titan stock gains on optimism around eyewear industry after Lenskart-ADIA deal

The jewellery business grew 23 percent on-year, with 31 new stores being added during the quarter. "The robust performance was majorly led by buyer growths, both new and repeat, and increase in ticket size. The large ticket purchases were led by a rich mix of high value studded, solitaires and a revival in wedding sales, enabled by healthy gold exchange contribution. The purchases at entry level and lower price bands saw normalization in buyer growth. While January and February saw continuation of strong consumer purchase intent that was visible during the festive season," Titan said.

Sales from the eyecare business grew by 22 percent YoY, with the company adding 38 new Titan Eye+ stores in the January-March period.

In Q3 FY23, Titan Company reported a 9.96 percent drop in consolidated net profit for December 2022 quarter at Rs 904 crore, as against Rs 1,004 crore recorded in the same quarter of last year. The total revenue was at Rs 11,698 crore, rising 15.89 percent from Rs 10,094 crore in the year ago quarter.