Rakesh Jhunjhunwala’s top bet Titan reports tepid sales for Q4


NEW DELHI: Titan Company, Rakesh Jhunjhunwala’s largest stock holding, on Wednesday said it finished the March quarter on a satisfactory note despite multiple headwinds.

Jhunjhunwala and his better half Rekha held 5.09 per cent stake in Titan Company as of December 31, which amounted to Rs 11,483 crore as of Wednesday’s stock price.

The company said its jewellery business logged a 4 per cent year-on-year (YoY) drop in revenues in the March quarter due to a strong base that benefited from a large B2B order.

“Business saw subdued activity in top cities due to Omicron wave in January, a very strong resurgence in February and again a drop in customer purchases in March on the back of a sharp rise in gold prices and sentiment impact due to the external geo-political conflict. While walk-ins saw a minor decline, the customer conversions and ticket sizes grew marginally for the quarter compared to the same period last year,” Titan Company said.


The company said jewellery sales from the top eight cities grew in single digits while the rest of India saw a small decline. Though the plain jewellery category bore the brunt of gold volatility in March 2020, leading to a slight decline for the quarter, studded sales clocked in a high single-digit growth, thereby

partially cushioning the impact.

Net store expansions, the company said, continued as per plan with commissioning of 7 new stores in Tanishq, 8 in Mia by Tanishq and 1 in Zaya.

Watches and wearables division saw good growth momentum despite a challenging external environment, with sales increasing across all offline channels on the back of Titan brand, the Tata group firm said.

“Sales from Retail and Large Format Stores (LFS) clocked higher growth followed by Trade. West and North regions saw much higher growth amongst geographies. Store expansions (net) continued with 24 new stores in Titan World and 10 in Helios,” it said.

Eyewear segment saw 5 per cent YoY growth for the quarter, led by frames and sunglasses.

“Network expansion continued in line with ambitious growth plans for the next year. Product innovation continues to be the core focus area and center piece of Titan Eyeplus offerings. ‘EyeX’ – launched in January 2022 – a first of its kind Smart Wearable product has established the division as a pioneer in Smart Eyewear within a short span of time,” the company said.

“The network expansion and campaigns have continued to progress well in anticipation of an upbeat Q1 FY23, which is expected to be normal after a gap of two years of lockdowns in the same period,” the jewellery maker said.

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