Titan registers 36% revenue growth in Q3FY22 due to strong demand across consumer businesses

7 Jan 2022 , 12:24 PM

Titan announced that the company witnessed strong demand across its consumer businesses and clocked 36% growth in revenue during Q3FY22 over the festive quarter last year. As of December 2021, the company has total stores of 1,935 with net additions of 89.

On Wednesday, at around 12.22 pm, Titan stock was trading at Rs2583.60 per piece down by 0.5% on Sensex. The stock has touched an intraday high and low of Rs2687.30 per piece and Rs2577 per piece respectively. 

Here’s how Titan’s segment-wise performance in Q3 was:

1. Jewellery:

The jewellery segment recorded a 37% growth in Q3FY22 compared to the same quarter last year. Buoyancy in jewellery demand driven by festive purchases in October and November helped the division achieve significant Revenue uplift for the quarter. 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 Tanishq’s regionalization strategy of winning in focus markets. While ticket sizes were stable, they were ~15% higher than pre-pandemic levels.

The contribution from Tier-1 towns continued to improve and was 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 the same period last year. GHS enrolments have recorded high double-digit growth rates driven by strong buyer uptick. Tanishq’s network expansion of 14 stores (net) includes 2 new stores in Dubai at prime locations of Dubai mall and Al Barsha.

2. Watches & Wearables:

This segment posted a growth of 28% in Q3FY22 over last year quarter. The division saw strong growth momentum with multi-brand channels, both online and offline, growing handsomely in the quarter, mainly on the back of the Titan brand. Premiumization journey is helping to gain higher value. Sales from Trade and large format stores (LFS) in particular clocked higher growth followed by Retail. Tier 2 and Tier 3 towns did better than metros.

3. Eye Wear:

The segment registered a growth of 27% in Q3FY22 compared to Q3FY21. The division’s strong growth was driven by Sunglasses and Frames with a good demand uptick also seen in international brands. The division accelerated its growth journey with significant network expansion during the quarter. A unique visual solution in lenses for office professionals ‘OfficePro’ was launched covering distinct work profiles of meetings, laptops and desktops with salient features of accurate power for specific working distance, improved intermediate and near fields, and peripheral vision with no distortion. ‘Crest Bold’, ‘all acetate’ material eyeglasses under the Titan Crest brand were launched in the quarter.

4. Other Businesses – Fragrances & Accessories, Taneira:

The other businesses category garnered a growth of 44% in Q3FY22 over Q3FY21.

Brand SKINNs new campaign of ‘Feel Your Best and Fastrack women’s bags’ digital campaign on the Autumn-Winter collection on the theme of ‘Wear it Your Way’, both were very well received. Good growth was witnessed across all retail and departmental stores in the quarter. 

‘Taneira’ opened 2 stores (Noida and Bangalore) taking the total store count for the business to sixteen covering seven cities. The brand’s launch on multimedia elements along with Navratri ‘#9days9co/ors’ micro-influencer campaign showed good traction amongst the customers during the festive period. In Dec’21, Taneira launched the ‘Tussar Festival’ campaign intending to create awareness about tussar silks.