Titan's revenues in March quarter increase y-o-y by 25%

10 Apr 2023 , 11:53 AM

Titan Company Limited has announced robust double-digit growth across all its major operations during the quarter ending on March 31, 2023. 

According to its business update for the fourth quarter of FY23, Titan has announced a year-on-year revenue growth of 25%, with the Watches & Wearables and Emerging businesses making significant contributions to this growth.

The Indian luxury goods firm has expanded its retail stores both domestically and internationally. As of the end of Q4FY23, the company had a retail network presence of 2,710 stores.

Due to an increase in buyers and larger ticket sizes, the Tata Group company saw a y-o-y growth of 23% in its jewelry business. In Q4, the company added 31 new stores.

In Q4, the watches & wearables category of Titan experienced a significant y-o-y increase of 41%, driven by the growth in the analog watches segment and a threefold increase in wearables revenue. Furthermore, Titan expanded its retail network by adding 52 new stores during the quarter.

Titan’s eye care business saw a sales increase of 22% yoy, which helped the Titan Eye+ stores to achieve healthy double-digit YoY growth. The business opened 38 new stores during the quarter under review.

Titan’s emerging businesses reported a 31% yoy increase in sales in Q4FY23, primarily driven by a 35% growth in the Fragrances segment and almost 24% growth in the Fashion Accessories segment.

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