Titan Q1 sales surge 3-fold on low-YoY

A low base of the Covid-19 impacted quarter helped to spur a three-fold increase in the company's sales in the April-June quarter, which was up nearly three-fold on a year-on-year basis.

The network expansion and campaigns continued to progress well throughout Q 1 of FY 23, which was the non-disrupted first quarter in the last three years, said Titan in its quarterly updates.

The sales of Q 1 FY 23 increased 205 per cent YoY on a low base and clocked a 3 year CAGR of 20.5% over Q 1 FY 20.50, according to Titan.

The jewellery division, which contributes around 85 per cent of its revenue, reported 207 per cent growth and added 19 new stores during the quarter, taking the total count to 463.

The Division had a good start to FY 23 with robust sales on the edifice occasion of Akshaya Tritiya AT in May month, after 2 years of Covid induced lockdowns in this period. Revenues increased by 207 per cent on a low YoY base, it was nearly tripled, with revenues nearly tripled, said Titan.

Both walk-ins and buyers grew in line with Revenues whereas ticket size was marginally improved compared to Q 1 FY 22. 'Growth in plain gold jewellery was nearly 3 times higher than in silver jewellery sales, which was comparatively higher YoY. The studded mix was better than last year and comparable to pre-Covid levels seen during this quarter, said Titan.

The Watches Wearables Division had its highest ever quarterly revenue in Q 1 FY 23 growing 158 per cent YoY with healthy growth across all brands and products. The key channels of Multi-Brand Retail MBR Titan World and Large Format Stores LFS continued their growth trajectory from FY 22. The wedding season worked well for all brands and channels, especially in April and May, according to the company.

The growth of wearables nearly quentupled, while the momentum in the latter half of FY 22 was maintained. The transformation of Titan World, Helios and Fastrack stores to newer formats offered a wider choice of premium brands, with 28 store renovations undertaken during the quarter, the company said.

Its EyeCare Division reported a growth of 176 per cent YoY, which was led by its retain chain store, Titan Eye Plus TEP and Trade Distribution channels. Other businesses of Titan, such as Fragrances Fashion Accessories, Indian Dress Wear, etc., also reported growth.

Individually, Fragrances grew at 262 per cent YoY, while Fashion Accessories grew 293 per cent YoY,'' said Titan.

Titan was founded in 1984 as a joint venture between the Tamil Nadu State Government and the Tata Group. The Tata Group owns a 25.02 per cent stake, but the state government has a 27.88 per cent stake in the company.