Titan Q3 update: Tata Group’s jewellery and watch company records 22% revenue growth, sales grow by 21%
Marico Q3 Update: Domestic volumes see low single-digit growth amid weak rural demand; details here Titan reported a robust 21 percent growth in domestic sales for its jewelry division, attributed to a substantial increase in the number of buyers and a modest improvement in average selling prices. “ Suitable investments in exchange programs and consumer offers were carried out during the festive period to maintain growth momentum. Wedding segment contribution improved marginally YoY," the company said.
Notably, the growth in gold (plain) and coins during the festive quarter outpaced studded sales growth, indicating heightened consumer interest in gold despite elevated prices and market volatility. “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 c.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," the company further informed. Also read: FII-backed penny stock under ₹10 hits 52-week high.
Gives 85% return in six months In addition, the watches and wearables segment experienced a commendable 23 percent growth in domestic business. This growth was further delineated by an 18 percent increase in revenue from analog watches and an impressive 64 percent surge in wearables. The expansion in the analog sub-segment was propelled by robust double-digit growth in key brands such as Titan, Sonata, Helios, and International brands.
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