The Tata Group company said that it witnessed healthy double digit growth in Q3FY23 despite a high base in the same period of last year with overall sales growing 12% year on year (YoY).
The company said that continuing its network expansion (net), the retail presence stood at 2,362 stores at the end of the quarter.The company's flagship Jewellery division grew 11% YoY with healthy new buyer growths in the festive period, higher value purchases in the studded category and unique new collections for the season. The sales from studded category moderately outpaced gold jewellery (plain) segment growth compared to the same period last year. Wedding sales grew in-line with the division's overall sales.
Tanishq opened its first international boutique store in USA, New Jersey in December 2022. New store commissions (net) comprised of 8 domestic stores in Tanishq and 14 in Mia by Tanishq.
The company's watches & wearables division grew 14% YoY, led by strong traction in the wearables space. A slew of exciting product launches in the fiscal year leading to the festive season contributed well to more than tripling sales from the wearables sub-segment in the quarter compared to same period last year, said the company. The store expansions pan-India (net) included 24 new store additions of Titan World, 17 of Helios and 7 in Fastrack for the quarter.
In the eyecare segment, sales from Titan Eye+ stores and trade & distribution channel saw in-line growth with the overall division. EyeCare expanded added 36 new stores in Titan Eye+ (net) for the quarter.
Titan's Fragrances & Fashion Accessories (F&FA) jumped 39% YoY driven by 50% increase in Fragrances and 21% growth in Fashion Accessories. Amongst key offline channels for F&FA, large format stores (LFS) grew the fastest, both clocking much higher growths than the overall division.
Taneira's sales grew by 150% YoY driven by new store openings and healthy double digit growth from existing stores. The brand opened 5 new stores during the quarter, taking the total store count to 36 covering 17 cities pan-India.
The business of the company's wholly-owned subsidiary, Titan Engineering & Automation (TEAL), grew 58% YoY with automation solutions division growing by 50% YoY and manufacturing services division (earlier called aerospace and defense) clocking 64% growth YoY.
Titan said that CaratLane's business grew 50% YoY driven by by gifting campaigns around the festive season from beginning of Navratri and continuing right till Bhai Dooj to capture consumer buying intent for the period. Studded growth was moderately higher than the overall growth and mix marginally higher than last year contributing to 75% of the total business. Titan Company holds 72.3% stake in CaratLane.
Titan Company, a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name Titan Watches. In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare. Over the last three decades, Titan has expanded into underpenetrated markets and created lifestyle brands across different product categories including fragrances (SKINN), accessories and Indian dress wear (Taneira).
The company's consolidated net profit surged 33.7% to Rs 857 crore on 17.53% rise in revenue from operations to Rs 8,134 crore in Q2 FY23 over Q2 FY22.
Shares of Titan Company were down 1.77% to currently trade at Rs 2,492.05 on the BSE.
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