Titan posted better than expected revenue growth in the March quarter of the financial year 2022-23 (Q4FY23), powered by strong demand trends in the jewellery and watch segment.
Standalone jewellery sales for the firm were up 24 per cent year-on-year (YoY) on a slightly lower base and aided by like-to-like growth of 19 per cent. The company highlighted that new buyer growth was at 15 per cent while average ticket size was up 8 per cent. The four-year growth for the jewellery segment remains at a robust 24 per cent at the end of Q4FY23.
A positive in Q4 is the 29 per cent growth in the sales of studded jewellery on the back of promotional activity. The segment, which fetches higher margins, now accounts for 33 per cent of jewellery sales and is 100 basis points (bps) higher YoY. This is, however, still lower than the pre-pandemic levels of 37 per cent. The company continues to expand its network and has added 11 new Tanishq stores
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