Titan Company Ltd.

Titan Company has recorded revenue growth of 20% Year-on-Year (YoY) for Q1FY24 with all key consumer businesses exhibiting double digit growth in the quarter. A total of 68 stores were added (including CaratLane) during the quarter taking Titan's retail presence to 2,778 stores.

Jewellery Division delivered a satisfactory performance growing 21% YoY in Q1FY24. Buyer growth was higher than average ticket size growth for this period. Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust.

Watches & Wearables Division's 13% YoY growth comprised of 8% growth in analog watches segment and 84% YoY growth in Wearables. Brand Titan and international brands saw strong buying momentum clocking handsome double-digit growths. EyeCare Division saw sales growth of 10% YoY. 

In Emerging Businesses, Fragrances & Fashion Accessories grew 11% YoY driven by 9% growth in Fragrances and 13% growth in Fashion Accessories. Taneira's Q1 sales grew by 81% YoY. CaratLane grew 32% YoY driven with healthy contributions from multiple avenues that included sales during Akshaya Tritiya, 'Ada' - a new hero collection for the season, 'Minion X' - an exciting new product launch for kids and building new micro-occasions for jewellery gifting like 'First Salary Gifting'. Business added 11 new domestic stores in Q1 FY24.

Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.