Titan Q3 Update: International Sales Zoom Nearly 80%, Domestic Business Stays Upbeat
Titan said its jewellery sales went up 41% during the December quarter.
Titan Company Ltd.'s third quarter growth appeared to be robust with its international sales up by 79% year-on-year, according to an exchange filing on Tuesday.
The jewellery and watchmaker's domestic business also stayed upbeat, with sales rising 38%. This comes in the aftermath of the domestic business logging a 29% growth to Rs 16,522 crore in the quarter ended September.
Titan has also reported a jump in its overall store count to 3,399, with a total of 54 new store additions in the October-December quarter.
Internationally, the company added two new stores in the North American market, one each in Boston and Orlando.
Jewellery sales went up 41% during the December quarter, with brands like Tanishq, Mia, Zoya, beYon registering a 40% growth and CaratLane clocking a 42% growth on a year-on-year basis, as per the company's regulatory filing.
Of the 47 new jewellery store additions in India, 10 were in Tanishq, 11 in Mia, 1 in Zoya, 1 in beYon and 24 in CaratLane respectively.
As far as watches are concerned, the company registered a 13% year-on-year growth, with analog watches recording a healthy festive performance with 17% YoY jump.
"Premiumisation trends resulted in solid double digit gains for the Titan brand, complemented by healthy volume expansion during the festive period," the filing stated. Moreover, Sonata and Fastrack also witnessed notable consumer traction.
However, the smart watches category declined 26% from the year-ago period, led by lower volumes.
Eyecare clocked a healthy 16% growth driven by both international and house brands contributing well to the overall product mix, Titan added.
"International brands growth was powered by strong demand for sunglasses and prescription lenses. E-commerce continued to be a key driver of the Division's expansion strategy enabling higher omni-channel sales," the filing outlined.
Additionally, the company's emerging ventures such as Women’s Bags grew 111% year-on-year while 'Fragrances' grew 22% led by double-digit volume growths in Fastrack and Skinn.
"Across Fashion Accessories, e-commerce channel drove much of the festive uptick with significant contribution to overall sales," the filing highlighted.
In the quarter ended Sept. 30, the company's topline via sales had risen 22.17% to Rs 16,461 crore. The net profit had jumped 59% to Rs 1,120 crore.
Titan Share Price
Shares of Titan ended 0.79% higher at Rs 4,111.80 apiece on the NSE on Tuesday. This compares to a 0.27% decline in the Nifty 50 index.
The share price has risen 18.48% in the last 12 months.
