Titan added a total of 61 stores during the quarter, expanding its combined retail network presence to 3,096 stores.
The company's jewellery domestic operations grew 8% YoY. The week of Akshaya Tritiya witnessed double-digit growths (in Tanishq secondary sales) compared to the same period last year.
However, high gold prices (20% growth YoY) and their continued firmness had an impact on consumer demand. Coupled with lower wedding days, overall sentiments were relatively muted in comparison to Q1 FY24.
Domestic growth came largely through increase in average selling prices whereas buyer growth was in low single digits. Gold (plain) grew in high single digits while studded growth was moderately lower in comparison, said the firm.
During the quarter, Tanishq added a new store in Muscat (Oman), Of the 33 new store additions (net) in India, 11 stores were in Tanishq, 19 in Mia and 3 in Zaya respectively.
Watches & Wearables domestic business grew 14% YoY. Revenue growth in Analog came in at a healthy 17% YoY whereas wearables witnessed a decline of 6% YoY. The division added 17 new stores (net) in the quarter.
Titan?s EyeCare domestic business increased 3% YoY in Q1 FY24. The division's foray into affordable fashion is aiding volume growth for the category. Titan Eye+ added 3 new stores (net) in India in Q1 FY25.
In Emerging businesses, Taneira's revenue grew 4% YoY. The brand opened 4 new stores during the quarter. The Fragrances & Fashion Accessories revenue gained 4% YoY. Within businesses, fragrances up by 13% YoY and fashion accessories saw a decline of 15% YoY.
The company?s Caratlane business jumped 18% YoY during the period under review. The business added 3 new domestic stores (net) in the quarter expanding its network presence to 275 stores pan-India.
Titan Company, a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name Titan Watches. In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare.
The company reported 7.08% rise in standalone net profit to Rs 786 crore in Q4 FY24 as against Rs 734 crore reported in Q4 FY23. Revenue from operations jumped 17.47% year on year (YoY) to Rs 10,047 crore in the quarter ended 31 March 2024.
Shares of Titan Company slipped 1.99% to end at Rs 3,269.30 on Friday, 5 July 2024.
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