Titan, a member of the Tata Group, reported on Thursday that its overall revenues increased 18% over the same period last year.
According to a quarterly update, the company, which operates in the areas of Jewellery, Watches & Wearables, and EyeCare, has experienced “strong double-digit growth across most businesses.”
Titan expanded its retail network by 105 outlets during the second quarter of the current fiscal.
The majority of the company’s businesses experienced solid double-digit growth, and overall sales increased 18% YoY, according to Titan.
The company stated that it remains “optimistic and is visible in strong consumer sentiment” across categories with regard to the outlook for the holiday season.
Around 85% of Titan’s revenue comes from its jewellery segment, which saw growth of 18% YoY during the September quarter on a strong base of Q2FY22 that included aspects of pent-up demand and spillover purchases from a Covid-disrupted Q1 FY22.
Although it has improved since last year, the product mix in the jewellery category is still below pre-pandemic levels.
According to the firm, “Walk-ins rose in the low double digits YoY with solid buyer conversions.”
The Watches & Wearables division had a 20% increase in revenue, marking its greatest quarter.
It’s Titan Eye+ outlets had strong double-digit growth in the eyecare market. The same was, however, countered by lower YoY sales throughout the Trade & Distribution channel, resulting in an overall 7% rise for the business.