Titan Q3: Firm’s combined sales up 12%, jewelery division up 11%

Titan on Friday said the company saw healthy consumer demand due to the festive season, resulting in a 12 per cent year-on-year growth in combined sales in the December quarter.

Titan said that despite the higher base, the firm posted double-digit growth across all segments. The firm added 111 new stores in the December quarter.

“Healthy consumer demand on account of an upbeat festive season resulted in a 12% growth in combined sales across the company’s standalone businesses. Positive consumer sentiment enabled all categories to register healthy double-digit growth despite a higher base over the same period last year. helped,” said Titan In its regulatory filing.

In the jewelery division, the festive category saw a healthy increase in new buyers. The segment also saw higher purchase value and grew by 11 per cent year-on-year.

“Healthy new buyer growth in the festive period, high value purchases in the studded category and new collections unique to the season helped the division achieve ~11% growth (excluding bullion sales). Marginally outpaced jewelery (plain) segment growth as compared to the same period last year. Wedding sales grew in line with the division’s total sales,” Titan said.

Tanishq to open its first international store in December 2022 in USA, New Jersey. With the opening of this store, it has an international presence of 6 stores in Dubai, Abu Dhabi and USA. The new store expansion for the quarter included 8 Tanishq’s stores and 14 Tanishq’s Mia stores.

The Watches & Wearables division grew 14% due to strong traction in the wearables space.

“Targeted campaigns and activism and the desire to own more premium/variety watches helped drive good consumer demand for key brands in the portfolio,” the firm said.

The pan-India store expansion (net) in the December quarter included the addition of 24 new stores by Titan World, 17 by Helios and 7 by Fastrack.

The eye-care department grew by 10%. It added 36 new stores in the December quarter Titan Eye Plus,

Titan’s key subsidiaries, which include Titan Engineering & Automation Limited, have seen a turnover of 58% YoY. The Automation Solutions division grew by 50% and the Manufacturing Services division (formerly known as Aerospace & Defense) grew by 64%.

in caretlenWhile Titan holds a 72.3 per cent stake, gifting has led to a 50 per cent increase in business.

“Consumer buying intent for this period from the onset of Navratri to the festive season and continuing till Bhai Dooj. Studded growth was marginally higher than the overall growth and marginally higher than last year, which accounts for the overall turnover of Rs. 75%,” said Titan.

Titan reported a 33.7 percent increase in net profit of 857 crore for the September 2022 quarter. it is against the net profit of 641 crore in the year-ago period.

The company’s stock declined by 1.02 percent. 2,536.95 on BSE.