Titan Reports Modest Growth in Q1 FY25, Expands Retail Footprint

Titan Company Ltd (Titan) reported a consolidated revenue growth of approximately 9% year-over-year (YoY) in the first quarter of FY25 (Q1 FY25). This growth was accompanied by a significant expansion of their retail network, adding 61 new stores (net) across all segments, bringing their total presence to 3,096 stores.

Jewellery

• Domestic jewellery sales grew approximately 8% YoY.
• The auspicious Akshaya Tritiya period saw a double-digit increase in secondary sales (Tanishq) compared to the previous year.
• High gold prices (around 20% YoY increase) and lower wedding days dampened overall consumer sentiment, leading to single-digit buyer growth.
• Domestic growth primarily resulted from increased average selling prices, with plain gold witnessing high single-digit growth and studded jewellery experiencing a moderate decline in comparison.
• Tanishq expanded internationally with a new store in Muscat, Oman.

Watches and Wearables

• Domestic business grew around 14% YoY.
• Analog watches saw a healthy revenue growth of approximately 17% YoY, while wearables experienced a decline of about 6% YoY.
• Consumer preference shifted towards premium products, with higher growth observed in Titan, Helios, Nebula, Edge, and Xylys brands.
• The division added 17 new stores (net) across Titan World, Helios, and Fastrack chains.

EyeCare

• Domestic business grew approximately 3% YoY.
• The focus on affordable fashion eyewear boosted category volume growth.
• The premium sunglasses brand, ‘Runway,’ launched its first store in Bengaluru.
• Titan Eye+ added 3 new stores (net) in India.

Emerging Businesses

• Taneira’s revenue grew around 4% YoY, with four new stores opened in India, including new locations in Jodhpur and Nashik.
• Fragrances & Fashion Accessories revenue remained flat at approximately 4% YoY growth. However, there was a discrepancy within the segment, with fragrances experiencing a 13% YoY increase and fashion accessories declining by 15% YoY.

Caratlane’s business grew approximately 18% YoY, expanding its network to 275 stores pan-India with the addition of 3 new stores (net).

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.