Titan Company Ltd. said on April 6 that it completed the January-March quarter of fiscal year 2022–23 on a strong note, with all main businesses seeing a second consecutive quarter of double-digit growth. The company’s sales increased by 25 percent year-over-year due to increased contributions from watches and wearables and developing industries.
The growth of retail shop networks both domestically and internationally has borne fruit. Titan reported 2,710 retail locations towards the end of the fourth quarter (including CaratLane).
For the three-month period ending in March 2023, Titan added 126 new retail locations, according to an April 6 filing with the New York Stock Exchange.
Titan’s ‘developing enterprises’ sector had the most increase, with revenues increasing by 84 percent year over year. Included are fragrances, fashion accessories, and Indian clothing offered under the ‘Taneira’ brand. During the quarter, the firm reported that five new shops in this industry segment had opened.
The watches and wearables market sector increased by 41% year over year. “The division’s growth trajectory of 41% year over year was supported by significant growth in the sector of analogue watches and an almost doubling of wearables revenue. All of these factors contributed to the company surpassing the key milestone of INR 5,000 crores or more in Uniform Consumer Price (UCP) sales for FY23. According to Titan, 52 new shops in this category were launched during the fourth quarter of fiscal year 23.
During the quarter, 31 new jewellery shops opened, resulting in a 23 percent year-over-year increase. “The robust performance was majorly led by buyer growths, both new and repeat, and 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 contribution. The purchases at entry level and lower price bands saw normalization in buyer growth. While January and February saw continuation of strong consumer purchase intent that was visible during the festive season,” Titan said.
The firm added 38 additional Titan Eye+ outlets between January and March, contributing to a 22% increase in eyecare sales year-over-year.
Titan Company’s consolidated net profit fell by 9.96% in the third quarter of fiscal year 23 (Q3), from Rs 1,004 crore in the same quarter of the previous fiscal year to Rs 904. The overall income was Rs 11,698 crore, a 15.89 percent increase from Rs 10,098 crore in the same quarter a year earlier.