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Tata Group firm Titan Company announced the results for the quarter ending in September 2022 wherein the company reported an 18% YoY revenue growth.
For the unversed, Titan co. is one of India's largest producers of watches, jewelry, and eyewear. It is a part of the Tata Group and started as a JV between the Tata Group and Tamil Nadu Industrial Development Corporation. The company manages several famous brands under its wing, such as Titan, Fastrack, Skinn, Tanishq, Sonata, Titan Eyeplus, and CaratLane.
The jewelry division grew 18% YoY as gold recorded low double-digit sales while studded sales had a higher growth rate than the entire division. Under this division, the company opened 25 new stores.
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The watches and Wearables division had a robust growth of 20% YoY as the company faced strong tailwinds. The demand for owning premium/differentiated watches alongside the launch of watches with Bluetooth calling features during the quarter helped push up sales.
EyeCare was the weakest performer as it reported a growth of 7% YoY during the quarter. On the other hand, the company's fragrances and fashion accessories business showed the greatest performance, growing 58% YoY during the quarter.
Taneira, the company's Indian dress wear brand grew as much as 114% YoY during the quarter. Key subsidiaries like TEAL and CaratLane showed robust growth, growing 139% and 56% respectively.
"The Company witnessed healthy double-digit growth across most businesses with overall sales growing 18% YoY. The retail network continued the pace of expansion adding 105 stores (net) for the quarter. The outlook for the festive season (from Navratri in end Sep '22) continues to be optimistic and is visible in positive consumer sentiment across categories." the company said in its release.
The results announced by the company were greater than anticipated as bulls drove up the stock. The stock closed at Rs 2,730.50 per share on Friday, up 5.3%.
Article by Aman Agarwal.
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