Titan records 17% growth in fourth quarter revenue

Shares of Titan were trading 0.33% lower during Monday morning trade after the company posted a 17% growth in its revenue during the quarter-ended March. Titan said a total of 86 stores were added during the quarter on a net basis and that the retail network presence stood at 3,035 stores.

Titan said in an exchange filing that its jewellery domestic operations grew 19% year-over-year led by both buyers and same store sales clocking healthy double digit growths. Growth was similar across gold (plain) and studded segments, it said. Of the 27 net new store additions in India, 11 stores were added in Tanishq and 16 stores were added in Mia.

The company’s emerging businesses recorded the highest quarterly growth amongst all segments at 24% y-o-y. Of this, Taneira, which is the ethnic wear brand of the company, registered a 37% y-o-y growth in its revenue. The brand opened 11 new stores during the quarter comprising eight new city additions, the company said. At the same time, the Fragrances & Fashion Accessories revenue grew by 12% y-o-y.

Titan said its Watches & Wearables domestic business grew 7% y-o-y comprising a 7% revenue growth in analog watches and 2% growth in wearables. However, EyeCare division's revenue declined by 1 % y-o-y, it said. Titan Eye+ added a new store in Dubai taking the total count to 4 stores in the Gulf Cooperation Council (GCC) region.

The jewellery segment is the largest revenue contributor for Titan having clocked ₹11,709 crore in sales during the third quarter of FY24, recording a 23% growth over the same period in previous fiscal. Titan had earlier said that the business continued to run its attractive programs that helped maintain growth momentum amidst an environment of high gold prices. Earnings before interest and taxes (EBIT) stood at ₹1,432 crore for the third quarter with a margin of 12.2% for the quarter.