Titan posts 20% y-o-y growth in revenue; stock hits fresh high

7 Jul 2023 , 09:48 AM

Titan Company announced that it has logged a 20% y-o-y revenue growth. The company said that all key businesses registered double-digit growth for the quarter ended June 30, 2023.

Titan also announced that it added 68 stores, including CaratLane, during the quarter, bringing its total retail presence to 2,778.

Moreover, the jewellery division registered a satisfactory performance, clocking a growth of 21% y-o-y in Q1FY24. Buyer growth outpaced average ticket size growth during this time period. Despite headwinds in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust,’ Titan continued.

Tanishq opened a new store in Sharjah, marking its international presence to seven stores in the GCC region and one in the United States. Domestic new store additions included nine Tanishq stores and eight Mia by Tanishq stores.

Titan stated that among its key channels, Helios Chain, E-Commerce, and Large Format Stores (LFS) witnessed higher growth as compared to others.

At around 9.45 AM, Titan was trading 2.93% higher at Rs 3,197.55 per piece, against the previous close of Rs 3,106.40 on NSE. The counter hit a 52-week high of Rs 3,210.

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