Titan Company Ltd reported a 12 percent year-on-year (YoY) rise in its total sales, combined from all business categories, during the third quarter of the fiscal year 2022-23.
During the three-month period ending December 2022, the company also added a total of 111 new retail outlets, the company said in a stock exchange filing post market hours on January 6.
The maximum growth was recorded by Titan in its 'emerging businesses' category, where the sales shot up by 75 percent YoY. This includes fragrance and fashion accessories, and Indian dress wear sold under the Taneira brand. Five new stories, dealing with this category of business, were opened during the quarter, the company said.
The 'watches & wearables' segment registered a 14 percent growth. "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 grew 11 percent on-year, with 22 new stories being added during the quarter. Wedding sales grew in line with the Division’s overall sales. Tanishq opened its first international boutique store in the USA, New Jersey in December 2022. With this store opening, the international presence now spans 6 stores across Dubai, Abu Dhabi and the USA," Titan said.
Sales from the eyecare business grew by 10 percent YoY, with the company adding 36 new Titan Eye+ stores in the October-December period.
In Q2 FY23, Titan had reported a 33 percent YoY growth in net profit to Rs 857 crore. The company's standalone revenue had grown by 21.8 percent on-year to Rs 8,730 crore.
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