Bengaluru, July 7
Tata Group’s Titan Company Ltd has recorded a significant sales growth of 205 per cent (YoY) in Q1 FY23 and clocked a three-year compounded annual growth rate (CAGR) of 20.5 per cent over Q1FY20. The company continued to grow its network expansion well throughout the quarter, with the addition of 245 new stores across the country, said the company in its Q1 FY23 results.
For the quarter, all its verticals registered more than 100 per cent growth, except for Titan Engineering & Automation Ltd (TEAL) which saw a 35 per cent growth (YoY) with both the divisions, Automation Solutions (AS) and Aerospace and Defence (AD) growing in line with the overall revenues.
“The watches and wearables division achieved its highest ever quarterly revenue in Q1FY23 growing 158 per cent (YoY) in all its brands and products,” said the company. For the eyecare division, the company registered a growth of 176 per cent (YoY), with the addition of 56 new stores for the quarter across the cities of Bengaluru, Kolkata, and Chennai.
The Jewellery division’s revenues nearly tripled, clocking a growth of 207 per cent. Both walk-ins and buyers grew in line with revenues whereas ticket size marginally improved compared to Q1FY22. “All the other segments -Trade, LFS, and E-commerce channels contributed to a 271 per cent yearly increase for the division. Individually, Fragrances grew by 262 per cent (YoY) whereas Fashion Accessories grew 293 per cent (YoY),” it said
Titan is an Indian luxury products company that manufactures fashion accessories including jewellery, watches, and eyewear.