Titan Reports 22% Revenue Growth in December Quarter

Leading jewellery and watchmaker Titan Co. on Friday said it has registered a revenue growth of 22% in the December quarter.

During the October-December period, it added 90 stores across verticals, taking the group's retail presence to 2,949 stores, according to a Quarterly Update by Titan.

Its jewellery division, which contributes over three-fourths of its revenue, reported a 21% growth in the domestic market.

This was 'led by double-digit buyer growth and moderate improvement in average selling prices,' it added.

Besides, growth in gold (plain) and coins during the quarter exceeded sales growth, driven by higher consumer interest in gold despite elevated prices and volatility.

'Suitable investments in exchange programmes and consumer offers were carried out during the festive period to maintain growth momentum. Wedding segment contribution improved marginally year-on-year (y-o-y),' it said.

Moreover, its flagship jewellery brand Tanishq expanded its international presence, adding three stores in Houston and Dallas in the U.S., and one in Singapore.

While its fine jewellery brand Mia opened its first store in Dubai, taking the jewellery international footprint to 14 stores.

'The geographical expansion and healthy consumer demand at international locations drove 102% y-o-y growth in primary outgo to these entities,' it said.

Of the 34 new jewellery stores opened in India during the third quarter of the current fiscal, 18 were added in Tanishq and 16 stores were added in Mia.

The Watches & Wearables (W&W) division's domestic business grew 23% during the period under review.

However, its revenue from the EyeCare Division declined 3 per cent. During the quarter, Titan Eye+ opened two new stores in the GCC region, one each in Dubai and Sharjah.

Its Indian Dresswear business Taneira grew 61%. The brand opened 11 new stores during the quarter.

The company's revenue from fragrances & fashion accessories, however, declined 9 per cent.

'Within businesses, revenue in fragrances declined 8%, whereas fashion accessories saw a decline of 10% y-o-y,' the update said.