Titan has good times

Titan is currently the top gainer on the BSE, cheered up by its robust quarterly update. The stock price surged up almost 6% to hit an intraday high at Rs.2744.30, not too far from its 52-week high of Rs.2767.55.

For just concluded Q2FY23, the company witnessed healthy double-digit growth across most businesses with overall sales growing 18% YoY. Retail network continued the pace of expansion adding 105 stores (net) for the quarter.

The Jewellery division grew 18% (YoY) on a high base of Q2FY22, while new store commissions (net) comprised of 8 domestic stores in Tanishq, 16 in Mia by Tanishq and 1 in Zoya.

Watches and wearables unit contributed the most to the topline; it grew 20% YoY, clocking its highest quarterly revenue, assisted by higher volume and average selling prices YoY. The Division continued its store expansions pan-India (net) with 7 new store additions of Titan World, 14 of Helios and 2 in Fastrack for the quarter.

Sales from Titan Eye+ stores saw healthy double-digit growth YoY. This, however, was offset by lower YoY sales across Trade & Distribution channel leading to an overall 7% YoY growth for the division.

Its Other Emerging Businesses - Fragrances & Fashion Accessories {F&FA), Indian Dress Wear {Taneira) grew 58%.

The company said that outlook for festive season (from Navratri in end Sep'22) continues to be optimistic and is visible in positive consumer sentiment across categories.