Titan Q1 Results: Profit Falls 5%, Misses Estimates

Titan's jewellery segment saw a 9% increase in total income to Rs 9,879 crore, with India business growing by 8%. Ebit was approximately Rs 1,103 crore, with a margin of 11.2%. Key highlights include a 20% retail growth during Akshaya Tritiya, a 20% increase in gold rates, and the launch of the 'Enchanted Trails' diamond collection at Paris Haute Couture Week.

Internationally, Tanishq added a new store in Muscat, Oman, bringing the total to 17 stores. Domestically, Tanishq opened 11 new stores, Mia added 19, and Zoya opened three new stores.

The watches and wearables segment recorded Rs 1,021 crore in total income, up 15%, with domestic business growing by 14%. Ebit stood at Rs 115 crore, with a margin of 11.3%. The analog segment saw 17% revenue growth, and Titan World grew by 13% in consumer sales. Despite double-digit volume growth in wearables, revenue declined by 6% due to lower average selling prices. Titan launched new collections, including 'Aura' and 'Edge Allure'. The segment added 17 new stores, including Titan World, Helios, and Fastrack.

The segment reported Rs 209 crore in total income, a 3% increase, with Ebit at Rs 20 crore and a margin of 9.6%. Titan Eye+'s affordable fashion products drove 10% volume growth. The division launched new products like 'Memory Flex', 'Titan Initia Progressive', 'MyoSlo', and 'High On Fashion' sunglasses. Additionally, three new Titan Eye+ stores were opened, including the 'Runway' store for premium sunglasses in Bengaluru.

Emerging businesses, including Taneira, fragrances, and fashion accessories, recorded Rs 80 crore in total income, growing 5%. Taneira's sales grew by 4%, driven by new stores and summer collections. The brand opened four new stores, bringing the total to 77. F&FA saw 1% growth, with Skinn Fragrances and women's bags recording double-digit growths.

The international jewellery business grew 92% to Rs 350 crore. In the past year, eight new Tanishq stores were opened, including four in the GCC region, three in North America, and one in Singapore. The GCC region saw around 50% revenue growth, and new stores in North America received positive responses. A new store in Muscat, Oman, brought the international jewellery footprint to 17 stores.