Titan Company Ltd said on January 6 that its total sales, including all business categories, increased by roughly 12% year on year during the third quarter of fiscal year 2022-23.
According to an exchange filing, the company added 111 new retail shops for the three-month period ending December 2022.
Titan experienced the greatest growth in its ‘developing businesses’ sector, where revenues increased by 75% year on year. This comprises fragrance and fashion accessories, as well as Taneira-branded Indian formal wear. According to the corporation, five new stories dealing with this area of business were opened during the quarter.
The ‘watches & wearables’ section increased by 14 percent. “A slew of exciting product launches in the fiscal year leading to the festive season contributed well to more than tripling sales from the wearables sub-segment in the quarter compared to the same period last year,” Titan said, adding that 48 new stores in this category of business were opened in Q3 FY23.
The jewellery business increased by 11% year on year, with 22 new stories added during the quarter. Wedding sales increased in tandem with overall Division sales. Tanishq will build its first international boutique store in New Jersey, USA, in December 2022. “With the launch of this store, Titan’s international presence now includes six locations in Dubai, Abu Dhabi, and the United States,” Titan stated.
Sales in the eyecare industry increased by 10% year on year, with the company opening 36 additional Titan Eye+ locations between October and December.
Titan reported a 33% YoY increase in net profit to Rs 857 crore in Q2 FY23. The firm’s standalone revenue increased by 21.8 percent year on year to Rs 8,730 crore.