Titan Ltd saw healthy double-digit growth across its key businesses, reporting a revenue growth of 25% year-on-year (YoY for the March quarter. The growth was aided by strong showings from watches and wearables and emerging business segments.
The last year quarter saw disruptions due to partial lockdowns and weak consumer sentiments caused by a fragile geo-political situation.
The company said it is making healthy progress in retail store expansion both domestically and overseas. It had 2,710 stores at the end of the fourth quarter.
Segmentwise, the jewellery division clocked 23% YoY growth, led by buyer growths, both new and repeat, and an increase in ticket size.
The large ticket purchases were led by a rich mix of high-value studded solitaires and a revival in wedding sales, enabled by healthy gold exchange contributions. The company said purchases at entry level and lower price bands saw normalisation in buyer growth.
While January and February saw a continuation of strong consumer purchase intent that was visible during the festive season, a sudden spike in gold prices, however, led to a relative softening of demand in March.
The watches and wearables segment clocked a growth of 41% YoY, underpinned by strong growth in analog watches segment and almost tripling of revenues from wearables.
“Both of this led to watches and wearables business hitting a significant milestone of Rs 5,000-plus crore of Uniform Consumer Price (UCP) sales for FY23,” the company said in a statement.
Emerging business, which includes fragrances & fashion accessories (F&FA) and Indian dress wear, emerged as a winner among all the segments with 81% year-on-year growth in the March quarter.
While F&FA grew 31% year-on-year, driven by 35% growth in fragrances and 24% growth in fashion accessories, Taneria (Indian dress wear) sales surged by a massive 208% YoY driven by new store openings and healthy growth from existing stores.
On Thursday, Titan stock closed 0.96% lower at Rs 2,548 apiece on NSE.