Titan Company Limited’s shares have jumped up to 3.28% in an intra-day trading session at Rs 2687.25 after the company reported strong demand across its consumer business and posted 36 per cent growth over in the third quarter as of December 2021.
The company’s flagship Jewellery business saw 37% year-on-year (YoY) growth in revenue from operations in Q3 in the current fiscal. “The demand for jewellery was driven by festive purchases in October and November. Both walk-ins and customer conversions were significantly higher as compared to last year. New buyer growth was higher than total buyer growth driven partly by Tanishq’s regionalization strategy”, said Titan Company Limited in a filing.
However, the company also added that the footfall was 15 per cent higher than the pre-pandemic levels. The notable contribution that Tier-1 towns added, has continued to improve the overall performance and were close to the pre-pandemic levels.
Titan’s jewellery division Tanishq recently added 14 new outlets including 2 new outlets in Dubai in Q3 FY22. Titan’s subsidiary Caratlane saw revenue growth of 64 per cent year-on-year in Q3 FY22. The company’s wearable business grew by 28 per cent with the addition of 20 new outlets in Q3 FY22. The company saw huge demand from both online and brick and mortar stores from tier-2 and tier-3 towns.
As of December 2021, the company has posted a profit of Rs 639 crore against a profit of Rs 20 crore in the previous fiscal. The company saw a huge recovery in the demand and since then the company’s sales grew by 78 per cent to Rs 7,493 crore in December 2021 as compared to the previous fiscal.
