Titan Company Ltd.

Titan - Quarterly update for Q4 FY2023-24

06/04/2024

Titan Company Ltd. registered a revenue growth of 17% YoY in Q4FY24. A total of 86 stores (net) were added in the quarter. The retail network presence stands at 3,035 stores. Jewellery domestic operations grew by 19% YoY led by both buyers and same store sales clocking healthy double digit growths. Growth was similar across gold (plain) and studded segments. Tanishq added a new store in Dubai and Chicago (USA) during the quarter. Of the 27 new store additions (net) in India, 11 stores were added in Tanishq and 16 stores were added in Mia. Watches & Wearables domestic business grew 7% YoY consisting of 7% revenue growth in analog watches and 2% growth in Wearables. Helios channel housing Titan and International brands grew fastest in the analog portfolio clocking a healthy double-digit growth. 44 new stores were added in the quarter consisting of 10 stores in Titan World, 20 in Helios and 14 in Fastrack respectively. EyeCare Division's Revenue declined by 1 % YoY. Titan Eye+ added a new store in Dubai taking the total count to 4 stores in the GCC region. In Emerging Businesses, Taneira's Revenue grew 37% YoY. The brand opened 11 new stores during the quarter comprising 8 new city additions. The Fragrances & Fashion Accessories Revenue grew by 12% YoY. Within businesses, Revenue in Fragrances grew by 9% YoY and Fashion Accessories grew 18% YoY. Caratlane's business grew 30% YoY. Studded segment grew in-line with overall growth. Business added 10 new domestic stores (net) expanding the network presence to 272 stores. TCL (Standalone) revenue grew by 17%, adding 76 new stores in Q4FY24 and a total of 2763 as of March 2024.