Titan Company said that it has registered a revenue growth of 17% YoY for the quarter ended 31 March 2024.
Titan added 86 stores during the quarter. The retail network presence stands at 3,035 stores.The companys flaghship Jewellery division reported a domestic growth of 19% YoY led by both buyers and same store sales clocking healthy double-digit growths. Growth was similar across gold (plain) and studded segments.
Tanishq added a new store in Dubai and Chicago (USA) during the quarter. Of the 27 new store additions (net) in India, 11 stores were added in Tanishq and 16 stores were added in Mia.
Watches & Wearables domestic business grew 7% YoY comprising of 7% revenue growth in analog watches and 2% growth in wearables. Helios channel housing Titan and International brands grew fastest in the analog portfolio clocking a healthy double-digit growth. 44 new stores were added in the quarter consisting of 10 stores in Titan World, 20 in Helios and 14 in Fastrack respectively.
The eyecare division's revenue declined 1% YoY. Titan Eye+ added a new store in Dubai taking the total count to 4 stores in the GCC region.
In emerging businesses, Taneira's revenue grew 37% YoY. The brand opened 11 new stores during the quarter comprising of 8 new city additions. The fragrances & fashion accessories revenue grew by 12% YoY. Within businesses, revenue in fragrances grew by 9% YoY and fashion accessories grew 18% YoY.
The companys caratlane business jumped 30% YoY. Studded segment grew in-line with overall growth. Business added 10 new domestic stores (net) expanding the network presence to 272 stores.
Titan Company is the fifth largest integrated own brand watch manufacturer in the world. It is widely known for transforming the watch and jewellery industry in India and for shaping India's retail market by pioneering experiential retail.
The Tata Group company reported 9.36% rise in standalone net profit to Rs 1,040 crore in Q3 FY24 as against Rs 951 crore reported in Q3 FY23. Revenue from operations jumped 23.63% year on year (YoY) to Rs 12,912 crore in the quarter ended 31 December 2023.
The scrip fell 0.75% to ends at Rs 3,754.85 on Friday, 5 April 2024.
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