Titan Q1 update: Revenue rises 20% YoY on strong performance in key businesses

Titan Company announced that for the quarter ending June 30, 2023, it had achieved year-over-year (YoY) revenue increase of 20% with double-digit growth in all major consumer industries. The jeweller noted that 68 locations, including CaratLane, were added during the quarter, bringing the total number of stores owned by Titan to 2,778.

Additionally, the jewellery division performed satisfactorily, expanding by 21% YoY in Q1FY24. The growth in buyers outpaced the growth in ticket size on average during this time. Titan continued, & Akshaya Tritiya sales in April and wedding purchases in June were healthy, despite significant fluctuation in gold prices throughout the quarter.

Tanishq now has eight locations worldwide—seven in the GCC and one in the US—after opening a new store in Sharjah. Nine stores in Tanishq and eight stores in Mia by Tanishq made up the domestic new store expansions.

Titan experienced a 13 percent year-over-year growth in its watches and wearables sector, with the analogue watch segment growing by 8% and wearables by 84% respectively. International brands and Brand Titan experienced high buying momentum and double-digit growth.

Source: Media reports

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