Titan Q2 update: Firm reports 25% rise in standalone growth, adds 75 new stores; shares down 3%

The non-solitaire studded segment recorded growth in high double-digits, whereas the solitaire segment saw a decline amidst price uncertainty and demand supply dynamics in the international markets, both together resulting in overall studded sales growth in low double-digits for the quarter, the company said. 

Shares of the company were trading nearly 3% lower at ₹3,562.10 apiece on the BSE in the morning deals.

Watches & Wearables domestic business increased by 19% YoY. Revenue growth in Analog was around 25% YoY, well supported by both volume and value growths. The premiumisation theme continued to be a major driver across brands, Titan said in its business update. 

Wearables witnessed a revenue decline in low double-digits in a category that is continuing to see significant decline. The Division added 34 new stores (net) in the quarter, consisting of 18 stores in Titan World, 14 in Helios, and 2 in Fastrack, respectively.

EyeCare's domestic business saw a rise of 6% YoY. The secondary sales growths were nearly similar, with buyer growths growing marginally higher YoY. Titan Eye+ added 2 new stores (net) in India during the quarter.

In Emerging Businesses, Taneira's revenue grew by around 11% YoY. The brand opened four new stores during the quarter. The Fragrances & Fashion Accessories revenue rose by 17% YoY. Within businesses, fragrances rose by nearly 19% YoY, and fashion accessories grew 11% YoY.

Caratlane's business clocked around 28% YoY growth aided by activations and healthy growth in brand searches. Buyers grew by 24% YoY, and the like-to-like (secondary) growths were around 21% YoY; the Studded ratio was higher compared to Q2FY24. Business added 11 new domestic stores (net) in the quarter, expanding its network presence to 286 stores pan-India. 

Titan Company stock performance

Shares of the company have remained muted in the past 12 months. Data show that the Titan Company stock has risen 13% in the past 12 months. On a year-to-basis, the stock has risen just 0.4%.