Titan Company Ltd - Quarterly Update - Q1 FY 2024-25

The Company registered a growth of c.9% YoY in 01 FY25. A total of 61 stores (net) were added during the quarter expanding Titan's combined retail network presence to 3,096 stores.

Jewellery domestic operations grew c.8% YoY. The auspicious week of Akshaya Tritiya witnessed double-digit growths (in Tanishq secondary sales) compared to the same period last year. However, high gold prices (c.20% growth YoY) and their continued firmness had an impact on consumer demand. Coupled with lower wedding days, overall sentiments were relatively muted in comparison to 01 FY24. Domestic growth came largely through increase in average selling prices whereas buyer growth was in low single digits. Gold (plain) grew in high single digits while studded growth was moderately lower in comparison. Tanishq added a new store in Muscat (Oman) during the quarter. Of the 33 new store additions (net) in India, 11 stores were in Tanishq, 19 in Mia and 3 in Zaya respectively.

Watches & Wearables domestic business grew c.14% YoY. Revenue growth in Analog came in at a healthy c.17% YoY whereas Wearables witnessed a decline of c.6% YoY. Customer preferences towards premium products was clearly visible with higher growths seen in Titan, Helios channel and Nebula, Edge and Xylys. The Division added 17 new stores (net) in the quarter consisting of 5 stores in Titan World, 5 in Helios and 7 in Fastrack respectively.

EyeCare's domestic business grew c.3% YoY. The Division's foray into affordable fashion is aiding volume growth for the category. 'Runway', Titan's premium sunglasses retail offering, launched its first store in Bengaluru in Jun'24. Titan Eye+ added 3 new stores (net) in India during the quarter.

In Emerging Businesses, Taneira's Revenue grew c.4% YoY. The brand opened 4 new stores during the quarter, two of them in the new cities of Jodhpur and Nashik. The Fragrances & Fashion Accessories Revenue grew c.4% YoY. Within businesses, Fragrances grew by c.13% YoY and Fashion Accessories saw a decline of c.15% YoY.

Caratlane's business grew c.18% YoY. Business added 3 new domestic stores (net) in the quarter expanding its network presence to 275 stores pan-India.

The above information for the quarter ending 30th June 2024 is provisional and subject to Limited Review by Statutory Auditors of the Company.

Shares of Titan Company Limited was last trading in BSE at Rs. 3335.75 as compared to the previous close of Rs. 3360.90. The total number of shares traded during the day was 67408 in over 10474 trades.

The stock hit an intraday high of Rs. 3370.00 and intraday low of 3331.00. The net turnover during the day was Rs. 225436826.00.

Source : Equity Bulls

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TitanCompany INE280A01028 QuarterlyUpdate Q1FY2025