Stock Report

Titan Company Limited - Quarterly Update - Q2FY23

Posted On : 2022-10-06 21:44:40( TIMEZONE : IST )

Titan Company Limited - Quarterly Update - Q2FY23

Titan Company Limited 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 outlook for festive season (from Navratri in end Sep'22) continues to be optimistic and is visible in positive consumer sentiment across categories.


The Division grew 18% YoY on a high base of Q2FY22 that had elements of pent-up demand and spillover purchases of a Covid disrupted Q 1 FY22. Gold jewellery (plain) clocked low double digit growth whereas studded sales were higher than the overall division driven by good activations and better contribution from high value purchases. The product-mix improved compared to last year but continued to be below pre-pandemic levels. Walk-ins grew in low double digits YoY with steady buyer conversions. New store commissions (net) comprised of 8 domestic stores in Tanishq, 16 in Mia by Tanishq and 1 in Zoya.

Watches & Wearables:

The Division grew 20% YoY, clocking its highest quarterly revenue. The strong tailwind demand led by a desire to own more premium I differentiated watches helped brand Titan grow fastest in the watches category (assisted by higher volume and average selling prices YoY). The retail store transformation journey offering a wider choice of premium brands to consumers in Titan World, Helios and Multi-brand Retailers also helped in powering overall growth for the division. The quarter saw the launch of Titan and Fastrack smartwatches with Bluetooth calling feature. 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. EyeCare expanded its nation-wide presence adding 36 new stores in Titan Eye+ and 2 new Fastrack prescription stores (net) for the quarter.

Other Emerging Businesses - Fragrances & Fashion Accessories {F&FA), Indian Dress Wear {Taneira):

F&FA grew 34% YoY driven by 37% growth in Fragrances and 29% growth in Fashion Accessories. Amongst key offline channels for F&FA, Large Format Stores (LFS) grew fastest followed by Trade, both clocking much higher growths than the overall Division.

Taneira grew 114% YoY with meaningful contributions from new stores opened over the last one year. The brand entered the cities of Madurai, Hubli and Dhanbad and also deepened its existing cities' presence by opening 5 new stores for the quarter thereby expanding its reach to 31 stores across 14 cities.

Key Subsidiaries:

Titan Engineering & Automation Limited (Wholly-owned subsidiary)- Business grew 139% YoY with Automation Solutions Division growing by 240% YoY and Aerospace and Defence Division clocking 66% growth.

Caratlane (72.3% owned subsidiary) - Business grew 56% YoY driven by promotions around Raksha Bandhan and hero launches during the quarter. Across categories, solitaires grew the fastest followed by studded and gold jewellery. Studded continued to contribute ~ 70% of the business despite a larger base as compared to last year.

The above information for the period ended 30th September 2022 is provisional, and subject to Limited Review by the Statutory Auditors of the Company.

Source : Equity Bulls


TitanCompany Q2FY23 BusinessUpdate