TITAN CO LTD SOARS: 22% YOY REVENUE SURGE IN Q3 DRIVEN BY 23% GROWTH IN JEWELLERY BUSINESS
8th January 2024
Titan Co Ltd unveiled impressive financial results for the third quarter, ending December 31st. With a remarkable 22% year-on-year revenue growth, the company experienced substantial double-digit expansion in its jewellery business.
Notably, Titan’s jewellery business contributed significantly, representing over 85% of the total income in the September quarter. The Tata Group-owned company reported a 23% year-on-year growth in its overall jewellery business during the December quarter, with a 21% increase domestically. This growth was attributed to a surge in double-digit buyers and a moderate uptick in average selling prices.
The festive season, marked by celebrations such as Dussehra in October and Diwali in November, played a pivotal role in boosting gold purchases, as these periods are considered auspicious for such transactions. Additionally, the quarter witnessed a surge in weddings, a key driver of gold sales in India.
In the watches and wearables segment, which constituted nearly 11% of the total income in the preceding quarter, Titan experienced an impressive 21% year-on-year growth. Strong performances from brands like Titan, Sonata, Helios, and other international names fueled growth in the analogue watch segment.
While the fashion and fragrances segment saw a slight dip of around 9%, Titan’s premium fashion brand Taneira shone with a remarkable 61% revenue growth. This was bolstered by the establishment of 11 new stores in various cities. In total, Titan added 34 new stores during the quarter, showcasing a robust expansion strategy.
