Titan's Business Grows 9% In June Quarter

Titan Co.'s business grew 9% year-on-year in the quarter-ended June, according to provisional figures released by the watch and jewellery maker.

The company expanded its retail presence by adding 61 stores, taking the total count to 3,096, it said in an exchange filing.

• Jewellery: Domestic operations grew 8% year-on-year impacted by higher gold prices and lower wedding days. Domestic growth came largely through increase in average selling prices whereas buyer growth was in low single digits. However, during the festival of Akshaya Tritiya, when gold buying is considered auspicious, the segment witnessed double-digit growth over the same period last year.

• Watches and Wearables: The domestic business rose 14% year-on-year. While revenue in the analog segment rose 17% year-on-year, wearables declined 6%. Titan, Helios channel and Nebula, Edge and Xylys saw higher growth as customers preferred premium products.

• EyeCare: The segment saw a 3% year-on-year growth. Titan's division foray into affordable fashion has helped push its volume growth higher.

• Emerging Businesses: Revenue at Taneira and the fragrances and fashion accessories segment rose 4% year-on-year each. Within the latter, the fragrance division increased 13% year-on-year but fashion contracted 15% year-on-year.

• Caratlane: Business rose 18% year-on-year while adding three new stores in the quarter.

Shares of Titan closed 1.90% lower at Rs 3,272.50 apiece, as compared with a 0.09% decline in the NSE Nifty 50.