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ICICI Direct Report
Titan Company Ltd. witnessed a strong recovery in demand across segments.
Overall store operational days exceeded 90% in Q2 FY22.
Titan's overall Q2 FY22 revenue print was significantly ahead of consensus estimates.
Standalone revenue growth (excluding gold bullion sale) was at 78% YoY (versus consensus estimate of ~40%).
Tanishq continues to gain market share amid robust topline growth of 78% YoY with an impressive two-year compound annual growth rate of 32% in Q2 FY22.
It surpassed pre Covid-19 levels in H1 FY22 with growth of 16% versus FY20 levels.
Watches segment witnessed a swift recovery with revenue growth of 73% YoY in Q2 FY22 (~96% of pre-Covid-19 levels)
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