On January 6, 2025, Titan Company Limited released its business update for the quarter ended December 2024 (Q3 FY25), wherein it recorded a growth of 24% YoY in sales. During Q3 FY25, the company’s combined retail network (including CaratLane and International) expanded by 69 net stores, reaching a total of 3,240 stores.
The domestic jewellery segment grew approximately 25% year-on-year (YoY), fueled by strong festive demand. During Diwali, the company saw solid consumer traction, translating into high single-digit growth in buyers and double-digit growth in ticket sizes. Plain gold experienced particularly strong momentum, growing around 24% YoY, benefiting from higher gold prices and increased festive and wedding purchases. Gold coin sales surged by approximately 48% YoY, reflecting consumer preference for gold as an investment and increased purchases during the festive occasion of Dhanteras.
The studded category grew by approximately 21% YoY, recording its highest quarterly performance to date for FY25. Several growth drivers, including ‘Rivaah’, Gold Exchange, Golden Harvest, high-value studded offerings, and blockbuster festive collections, supported by multiple brand campaigns, contributed to a robust like-to-like (L2L) sales growth of about 22% YoY. Tanishq (International) opened new stores in Seattle (USA) and Gold Souk (Dubai). In India, 24 new stores were added (net), with 11 in Tanishq and 13 in Mia.
The domestic Watches & Wearables segment grew approximately 13% YoY. Analog watches continued to show strong growth, rising around 19% YoY, driven by festive demand and premiumization trends. Consumers showed a clear preference for higher-end timepieces, as seen in the growth of Titan, Edge, Xylys, and international brands through the Helios channel. The wearables category, however, declined by about 20% YoY, reflecting broader market challenges in the smart wearables segment and reduced consumer spending in the entry and mid-segment price points. The division added 23 new stores, including 12 in Titan World, 10 in Helios, and 1 in Fastrack.
The domestic EyeCare segment grew a healthy 17% YoY, driven by both retail and e-commerce growth in terms of revenue and buyers. International brands and affordable fashion contributed significantly to the overall product mix. Titan Eye+ closed a net total of 3 stores in India during the quarter.
In the Emerging Businesses segment, Fragrances saw a strong growth of approximately 27%, while Fashion Accessories declined by about 20%, and Taneira remained flat YoY. ‘IRTH’ opened its first women’s bags outlet at Phoenix Palladium in Mumbai and another store in Chennai. Taneira added one store in Salem during the quarter.
CaratLane grew by approximately 25% YoY, driven by a 26% YoY growth in the studded portfolio. The number of buyers grew by 8% YoY, and L2L growth stood at a healthy 16% YoY. The brand also opened its first international store in New Jersey, USA, and added 19 new domestic stores (net), expanding its presence in India to 305 stores.
On January 6, 2025, Titan shares opened at ₹3460.25 and touched the day high of ₹3527.20 at 09:45 AM.
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Published on: Jan 6, 2025, 9:47 AM IST
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