Titan announces Q3 results, posts strong revenue growth in jewellery segment

This quarter, along with having seen major festivals such as Dussehra and Diwali, also saw more weddings, a big driver of gold purchases in India

Mumbai: Indian jewellery and watchmaker Titan Co Ltd recently stated that it registered a revenue growth of 22% year-on-year in its Q3 ended December 31, as it saw double-digit growth in its jewellery business.

Titan’s jewellery business alone accounted for more than 85% of total income in the September quarter. The Tata Group-owned company said while its overall jewellery business grew 23% year-on-year in the December quarter, it rose 21% year-on-year domestically, led by double-digit buyer growth and moderate improvement in average selling prices.

The Q3 for FY2023 coincided with festivals such as Dussehra in October and Diwali in November, when buying gold is considered auspicious. The quarter also sees more weddings, which is one of the biggest drivers of gold purchases in India.

Titan’s watches and wearables segment, which made up nearly 11% of the total income for the company in the previous quarter, saw a double-digit 21% year-on-year growth in the quarter.

The growth in the analogue watch segment was driven by strong performances from Titan, Sonata, Helios, and other international brands.

Titan’s fashion and fragrances segment declined by around 9%. However, its revenue in its premium fashion brand Taneira revenue grew by about 61%, with the addition of 11 new stores in different cities. Overall, Titan added 34 new stores in the quarter.

Courtesy: business-standard.com