New Delhi, February 4 (PTI) – Titan, one of India’s leading jewellery and watchmakers, reported a slight decline in its consolidated net profit for the December quarter, posting Rs 1,047 crore, down from Rs 1,053 crore in the same period last year.
However, the company's sales showed a significant increase, rising 25.68% to reach Rs 17,550 crore, compared to Rs 13,963 crore in the corresponding quarter of the previous year. Titan’s total income, which includes other income, rose 24.9%, totaling Rs 17,868 crore for the quarter.
Titan’s total expenses surged by 27.47% to Rs 16,472 crore during the quarter under review.
The festive season fueled demand, with secondary sales growing 28%, driven by higher gold prices and wedding-related purchases, which increased by 29%. The same-store sales growth stood at a healthy 22% compared to the previous quarter. Gold jewellery and coins remained a strong consumer preference, registering a 27% growth over Q3 FY24.
Titan also expanded its footprint during the quarter, with Tanishq opening 11 new stores and Mia by Tanishq adding 13 stores across India.
The wearables segment, however, faced a decline of 20%, with both average selling prices and volumes falling by 8% and 7%, respectively, compared to Q3 FY24. Despite this, sales of premium international brands in the watch category showed a robust growth of 30%.
Titan continued its retail expansion, adding 23 new stores, including 12 Titan World outlets, 10 Helios stores, and one Fastrack store.
The company also opened three new Titan Eye+ stores during the quarter.
In other segments, which include Accessories, Fragrances, and the Indian ethnic wear brand Taneira, Titan recorded a slight decline. Revenue from these businesses fell marginally to Rs 312 crore from Rs 313 crore last year. Taneira saw flat sales for the quarter, while fragrances experienced a 27% growth, primarily driven by a 23% increase in SKINN sales.
Within the Fashion Accessories division, excluding the discontinued belts and wallets segment, women’s bags from brands like IRTH and Fastrack grew impressively by 25%.
Titan, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), continues to benefit from its diversified portfolio and strong consumer demand in key segments.
However, the company's sales showed a significant increase, rising 25.68% to reach Rs 17,550 crore, compared to Rs 13,963 crore in the corresponding quarter of the previous year. Titan’s total income, which includes other income, rose 24.9%, totaling Rs 17,868 crore for the quarter.
Titan’s total expenses surged by 27.47% to Rs 16,472 crore during the quarter under review.
Jewellery Business Drives Growth
Titan’s jewellery division was a major contributor to this growth, with a 26.62% increase in revenue, reaching Rs 16,134 crore. The Indian market for Titan’s jewellery segment alone saw a 25% growth.The festive season fueled demand, with secondary sales growing 28%, driven by higher gold prices and wedding-related purchases, which increased by 29%. The same-store sales growth stood at a healthy 22% compared to the previous quarter. Gold jewellery and coins remained a strong consumer preference, registering a 27% growth over Q3 FY24.
Titan also expanded its footprint during the quarter, with Tanishq opening 11 new stores and Mia by Tanishq adding 13 stores across India.
Watches & Wearables Performance Mixed
Titan’s Watches & Wearables segment saw a 15.31% growth in revenue, reaching Rs 1,137 crore. Within the watch business, the analog segment performed well, recording a 20% growth over the previous quarter, largely driven by the Titan brand, which saw an 18% growth.The wearables segment, however, faced a decline of 20%, with both average selling prices and volumes falling by 8% and 7%, respectively, compared to Q3 FY24. Despite this, sales of premium international brands in the watch category showed a robust growth of 30%.
Titan continued its retail expansion, adding 23 new stores, including 12 Titan World outlets, 10 Helios stores, and one Fastrack store.
Eyecare and Other Segments Shine
Titan’s Eyecare division performed strongly, with a 16.66% growth in revenue to Rs 196 crore. Sales of international eyewear brands surged by 56%, while the sunglasses category outpaced other products, showing a growth of 35%. Frames and lenses also grew in the mid-double digits.The company also opened three new Titan Eye+ stores during the quarter.
In other segments, which include Accessories, Fragrances, and the Indian ethnic wear brand Taneira, Titan recorded a slight decline. Revenue from these businesses fell marginally to Rs 312 crore from Rs 313 crore last year. Taneira saw flat sales for the quarter, while fragrances experienced a 27% growth, primarily driven by a 23% increase in SKINN sales.
Within the Fashion Accessories division, excluding the discontinued belts and wallets segment, women’s bags from brands like IRTH and Fastrack grew impressively by 25%.
Market Response
Despite the marginal dip in profit, the company’s strong sales growth led to a positive market reaction. Titan's shares ended the day 0.26% higher at Rs 3,589.50 on the Bombay Stock Exchange (BSE).Titan, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), continues to benefit from its diversified portfolio and strong consumer demand in key segments.