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.
7th Oct 2022 at 02:47 pm
7th Oct 2022 at 12:35 pm