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Informist, Friday, Oct. 4, 2024

 

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--Titan: Net added 75 stores in Jul-Sept; total retail stores 3,171 
--Titan: Saw 25% on year revenue growth in Jul-Sept 
--Titan: Jewellery division saw 26% on year sales growth in Jul-Sept 
--Titan: Watches, wearables division saw 20% on yr sales growth in Jul-Sept 
--Titan: EyeCare division saw 6% on year sales growth in Jul-Sept 
--Titan: Emerging businesses saw 14% on year sales growth in Jul-Sept 
--Titan: CaratLane division saw 28% on year sales growth in Jul-Sept 
 

 

MUMBAI – Titan Co. Ltd. Friday said its standalone sales for the September quarter, excluding bullion and digital gold, rose 25% on year and its number of standalone stores had gone up by 64 in Jul-Sept to 2,885. The company's sales, including sales from the CaratLane business, grew 28% on year in the Jul-Sept quarter. The company added 11 new stores to its CaratLane business in Jul-Sept, taking the total new store addition to 75 during the quarter, and expanding combined retail network presence to 3,171 stores, Titan said in an exchange filing.

 

Revenue from the CaratLane business for the September quarter, excluding bullion and digital gold, grew 28% on year. Sales from its jewellery segment, excluding bullion and digital gold, grew 26% on year in Jul-Sept compared with a softer 9% growth in the previous quarter. Domestic sales from the jewellery segment grew 25% on year, Titan said.

 

The company said there was a strong double-digit uptick in gold (plain) for the quarter as consumer demand significantly picked up momentum after the customs duty on gold imports was reduced to 6% from 15%. The company said its non-solitaire studded segment grew in high double-digits whereas the growth in solitaire segment fell amid uncertainty in prices and demand supply dynamics in the international markets. In Jul-Sept, the company opened 23 new stores in its jewellery division.

 

The watches and wearables segment's revenue grew 20% on year in Jul-Sept, which included a 19% growth in domestic sales in the segment. The company said premiumisation continued to drive growth across brands in the segment. A 25%-on-year growth in revenue from the Analog segment was supported by growth in both volume and value, Titan said. The company said revenue from the wearables segment fell in the low double-digits. In Jul-Sept, the company opened 34 new stores in its watches and wearables segment.

 

In its eyecare segment, the company's revenue grew 6% on year and the company added two new stores in Jul-Sept. The company said growth in secondary sales was nearly similar to buyer growth, which grew marginally compared to a year-ago quarter. In its emerging business, revenue from the fragrances and fashion accessories segment grew 17% on year. The company said revenue from its fragrance segment grew 19% on year and fashion accessories segment grew 11% on year. Titan's ethnic wear brand Taneira's revenue grew 11% on year in Jul-Sept. 

 

Titan had reported a net profit of INR 7.7 billion in Apr-Jun on revenues of INR 120.53 billion. Friday, shares of Titan Company closed at INR 3,670.10 on the National Stock Exchange, down 0.1%.  End

 

Reported by Aman Aryan

Edited by Akul Nishant Akhoury

 

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