Titan seems to be clocking its time well! The stock, which had closed on Friday a Rs.3710.05, opened 2% higher today at Rs.3784.25, which is a new 52-week high. Currently its just about holding on to the green at Rs.3719.
The market is happy with its Q3FY24 quarter business update wherein it registered a revenue growth of 22% YoY. A total of 90 stores were added in this period, taking the group's retail presence to 2,949 stores.
Jewellery segment’s domestic growth was at 21 % YoY, led by double-digit buyer growth and moderate improvement in average selling prices. The growth in gold (plain) and coins in this festive quarter notably exceeded the studded sales growth driven by higher consumer interest in gold despite elevated prices and volatility. Wedding segment contribution improved marginally YoY. Tanishq expanded its international presence adding two more stores in USA in Houston and Dallas and one store in Singapore. Mia opened its first store in Dubai taking the Jewellery international footprint to 14 stores.
The geographical expansion and healthy consumer demand at international locations drove 102% YoY growth in primary outgo to these entities. Of the 34 new store additions (net) in India, 18 stores were added in Tanishq and 16 stores were added in Mia.
Watches & Wearables (W&W) Division's domestic business grew 23% YoY comprising of 18% Revenue growth in the Analog watches and c.64% growth in Wearables. Growth in analog sub-segment was driven by healthy double-digit growths in Titan, Sonata, Helios and International brands. 25 new stores were added in the quarter consisting of 9 stores in Titan World, 11 in Helios and 5 in Fastrack respectively.
EyeCare Division Revenue declined by 3% YoY. Titan Eye+ opened two new stores in the GCC region, one each in Dubai and Sharjah with no incremental additions (net) during the quarter.
In Emerging Businesses, Taneira's Revenue grew 61 % YoY. The brand opened 11 new stores during the quarter comprising of a store each in the new cities of Rajkot, Surat, Bhagalpur, and Chandigarh.
The Fragrances & Fashion Accessories Revenue declined by 9% YoY.