Shares of Titan, Tata Group’s jewellery-to-eyewear brand, zoomed 1.72% in the early trade on Monday to mark a new all-time high of ₹3,776 apiece. This came after the street reacted positively to the company’s Q3FY24 business update.
In an exchange filing on Friday, the company announced 22% year-on-year (YoY) growth in revenue for Q3FY24. The expansion was well-diversified, with a robust performance observed across most segments during the quarter.
Its domestic jewellery division grew 21% YoY during Q3, led by double-digit buyer growth and moderate improvement in average selling prices. Suitable investments in exchange programs and consumer offers were carried out during the festive period to maintain growth momentum, the company said.
The company’s Watches & Wearables domestic business clocked a sales growth of 21%, comprised of 18% growth in the analog watches segment and 64% YoY growth in Wearables. “Growth in analog sub-segment was driven by healthy double-digit growths in Titan, Sonata, Helios and International brands. 25 new stores were added in the quarter consisting of 9 stores in Titan World, 11 in Helios and 5 in Fastrack respectively,” the company said in an exchange filing.
Further, the EyeCare division revenue declined by 3% YoY. In emerging businesses, Taneira’s Revenue grew 61% YoY. The brand opened 11 new stores during the quarter comprising of a store each in the new cities of Rajkot, Surat, Bhagalpur, and Chandigarh. The Fragrances & Fashion Accessories Revenue declined by 9% YoY. Within businesses, Revenue in Fragrances declined by 8% YoY whereas Fashion Accessories saw a decline of 10% YoY.
CaratLane sales grew by 31% YoY, driven by the season’s new collections, wedding gifting curations and first-ever ‘mangalsutra’ campaign. The studded segment grew well clocking a growth of 39% YoY. Business added 16 new domestic stores in this period expanding the network presence to 262 stores.
The company further informed in its exchange filing that it has added over 90 new stores in the October-December period, taking the retail presence to 2,949 stores.
Meanwhile, the company’s market capitalization crossed the ₹3,00,000 crore mark for the first time on November 23. Notably, the shares finished the calendar year 2023 with an impressive rally of 41.50%.
At 10:00 AM, Titan shares were trading with a marginal gain of 0.59% at ₹3,734 apiece.
Source Link: Titan shares soar over 1.5% to new all-time high on healthy Q3 update | Mint