Titan hits all time high after strong Q3 biz update

7 Jan 2022 , 09:21 AM

The companys flagship Jewellery division saw a 37% year on year revenue growth in Q3 FY22. Titan said buoyancy in jewellery demand was driven by festive purchases in October and November. Both walk-ins and customer conversions were significantly higher compared to last year. New buyer growth was higher than total buyer growth driven partly by Tanishqs regionalization strategy. While ticket sizes were stable, Titan said they were 15% higher than pre-pandemic levels. The contribution from Tier-1 towns continued to improve and were close to pre-pandemic levels. Both plain and studded categories witnessed strong double-digit growth. Studded share in the overall pie has slightly improved compared to same period last year. Meanwhile, GHS enrolments recorded high double digit growth rates driven by strong buyer uptick. Tanishq added 14 new stores in Q3 FY22 (net) including 2 new stores in Dubai.

Caratlane (72.3% owned) reported a revenue growth of 64% year on year in Q3 FY22. Studded share as part of the overall pie witnessed strong gains. Growth was well distributed with strong momentum witnessed even across lower ticket sizes. In December, Caratlane opened its first ever airport store at Bengaluru and also went live with Caratlanes US website.

The companys Watch and Wearables division grew by 28% year on year with 20 new store additions in Q3 FY22. Titan said that the division saw strong growth momentum with multi brand channels, both online and offline, growing handsomely in the quarter, mainly on the back of Titan brand. Sales from Trade and large format stores (LFS) in particular clocked higher growth followed by retail. The company further said that tier 2 and tier 3 towns did better than metro.

The eyewear segment saw a revenue growth of 27% year on year in Q3 FY22. The divisions strong growth was driven by sunglasses and frames with good demand uptick also seen in international brands. The eye wear division accelerated its growth journey with significant network expansion during the quarter. The division added 53 new stores in Q3 FY22.

The companys Other Businesses posted a revenue growth of 44% year on year. Titan said good growth was witnessed across all retail and departmental stores in the quarter.

Titan Company is engaged in making and selling watches, jewellery, eyewear and others.

Titan Company posted a 222% jump in standalone net profit to Rs 641 crore in Q2 FY22 from Rs 199 crore recorded in Q2 FY21. Riding on the strong recovery in demand across its consumer businesses, the companys revenue excluding bullion sales grew by 78% year on year to Rs 6,921 in Q2 FY22 compared to Q2 FY21.

Shares of Titan hit a record high of Rs 2,687.80 in early trade today.

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