The company informed about the development after market hours as part of its quarterly updates. Titan shares today ended at Rs 3,670, down by Rs 16.90 or 0.46%.
Jewellery business
While the Akshaya Tritiya period saw good traction, the increase in gold prices from May till mid-June, saw some softening in customer purchases, a company filing to the exchanges said. Buyer growth was flat (YoY) for both TMZ and CaratLane. In the high gold rate scenario, customers preferred light weight and lower karatage jewelry.
“The studded ratio came in lower YoY driven by the differential growths across segments (in TMZ), with coins continuing to lead strongly, plain gold growing in mid-teens and studded segment growth coming in early double digits. The like-to-like (L2L) domestic sales growth in TMZ were in early double digits, driven entirely by ticket size growth across formats, and the L2Ls in CaratLane were in healthy double-digits. Of the 19 new store additions (net) in India, 3 were in Tanishq, 7 in Mia and 9 in CaratLane respectively,” the filing said.
Watch business
Watches domestic business clocked a strong quarter of 23% YoY growth led by analog driven by both volume and value growth. Sonata with its refreshed offerings led the growth charts for the quarter, closely followed by Titan and well supported by Fastrack and International brands, all clocking healthy double-digit growths.
The division added 9 new stores (net) consisting of 4 stores in Titan World and 5 in Helios respectively.
EyeCare business
EyeCare’s domestic business grew 12% YoY led by performances across Retail and E-commerce, by both International and House brands. Titan Eye+ retail opened 12 new doors and closed 32 stores resulting in 20 domestic store closures (net) for the quarter.
In the Emerging Businesses (domestic), Fragrances grew 56% YoY led by volume growths in SKINN and Fastrack, Women’s Bags grew c.61% YoY and Taneira grew 15% YoY driven by value growth in Sarees.
The International Business grew c.49% YoY led by near doubling of Tanishq’s business in the US market. The 1 new store addition (net) in the quarter consisted of Tanishq and Titan Eye+’s one new store opening (each) in UAE in Dubai and Sharjah respectively and closure of 1 Mia store in the region.
The consumer discretionary major had reported 13% growth in its consolidated net profit at Rs 871 crore in the fourth quarter, compared with Rs 771 crore in the year-ago quarter. Total income during the reporting period increased 22% YoY to Rs 14,049 crore.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
