Titan Ltd noticed wholesome double-digit development throughout its key companies, reporting a income development of 25% year-on-year (YoY for the March quarter. The expansion was aided by sturdy showings from watches and wearables and rising enterprise segments.
The final 12 months quarter noticed disruptions as a consequence of partial lockdowns and weak shopper sentiments attributable to a fragile geo-political scenario.
The corporate stated it’s making wholesome progress in retail retailer growth each domestically and abroad. It had 2,710 shops on the finish of the fourth quarter.
Segmentwise, the jewelry division clocked 23% YoY development, led by purchaser growths, each new and repeat, and a rise in ticket measurement.
The massive ticket purchases had been led by a wealthy mixture of high-value studded solitaires and a revival in wedding ceremony sales, enabled by wholesome gold trade contributions. The corporate stated purchases at entry degree and lower cost bands noticed normalisation in purchaser development.
Whereas January and February noticed a continuation of sturdy shopper buy intent that was seen throughout the festive season, a sudden spike in gold costs, nevertheless, led to a relative softening of demand in March.
The watches and wearables section clocked a development of 41% YoY, underpinned by sturdy development in analog watches section and nearly tripling of revenues from wearables.
“Each of this led to watches and wearables enterprise hitting a big milestone of Rs 5,000-plus crore of Uniform Shopper Value (UCP) gross sales for FY23,” the corporate stated in a press release.
Rising enterprise, which incorporates fragrances & vogue accessories (F&FA) and Indian costume put on, emerged as a winner amongst all of the segments with 81% year-on-year development within the March quarter.
Whereas F&FA grew 31% year-on-year, pushed by 35% development in fragrances and 24% development in vogue equipment, Taneria (Indian costume put on) gross sales surged by a large 208% YoY pushed by new retailer openings and wholesome development from present shops.
On Thursday, Titan inventory closed 0.96% decrease at Rs 2,548 apiece on NSE.