Tata Group firm Titan Company Ltd on Thursday, July 6, said it reported revenue growth of 20 percent year-on-year for the first quarter of FY24, with all key consumer businesses showing double-digit growth in the quarter.

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The company in an exchange filing said it has added a total of 68 stores (including CaratLane) during the quarter taking Titan's retail presence to 2,778 stores.

Further, the company's jewellery division delivered a satisfactory performance growing 21 percent YoY in Q1 FY24. Buyer growth was higher than average ticket size growth for this period. Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya's sales in April and wedding purchases in June were robust.

Tanishq added a new store in Sharjah thereby expanding its international presence to seven stores in the GCC region and one store in the USA. The domestic new store additions consisted of nine stores in Tanishq and eight stores in Mia by Tanishq, the company said.

For the watches and wearables division, it recorded 13 percent year-on-year growth comprised of 8 percent growth in the analog watches segment and 84 percent year-on-year growth in wearables. Brand Titan and international brands saw strong buying momentum clocking handsome double-digit growths.

Among the key channels, Helios chain, large format stores, and e-commerce clocked higher growth rates compared to others. Of the 26 new stores added in the quarter, 14 stores were in Titan World, nine in Helios, and three stores in Fastrack, respectively.

The eye care division saw sales growth of 10 percent year-on-year. The division added five new Titan Eye+ and two new Fastrack stores in the domestic market during the quarter.

In emerging businesses, fragrances and fashion accessories grew 11 percent year-on-year driven by 9 percent growth in fragrances and 13 percent growth in fashion accessories.

(Edited by : Shoma Bhattacharjee)

First Published:Jul 6, 2023 7:36 PM IST