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Centrum Broking Report
Titan Company Ltd.'s Q1 FY23 business update point out that company has witnessed near normal quarter reporting revenue growth of 205% in India driven by low base, wedding season, stable gold prices, and network expansion.
Interestingly jewelry sales grew 207% YoY, three-year compound annual growth rate augmented to 23% in Q1 (up from 15% in Q4 FY22).
Management said, the studded share was back to pre–Covid levels and improved YoY. Titan added 120 stores across divisions/ formats in Q1, taking store tally to 2160 stores in India.
Caratlane (72.3% sub) reported highest revenues growing at 207%. We believe deferred weddings due to Omicron wave inQ4 pushed pent up demand coupled with festival demand drove strong footfalls.
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