Pandemic-related restrictions on bodily retailers and volatility in gold costs noticed Titan Firm on Tuesday posting a 7.7% year-on-year (y-o-y) decline in standalone internet revenue to Rs 491 crore throughout the January-March quarter. The corporate’s income throughout the interval grew a meagre 2% to Rs 7,276 crore.
The jewelry enterprise registered revenue of Rs 6,132 crore (excluding bullion sale) throughout the quarter, a 4% y-o-y decline.
The corporate is hopeful that the festive season will bolster its jewelry enterprise. “The corporate is nicely ready and searching ahead to an thrilling Q1 with all its shops ramped up for a much-awaited Akshaya Tritiya pageant this 12 months,” managing director CK Venkataraman mentioned.
Clients staying indoors and buying from the consolation of their houses throughout the pandemic helped Titan report stronger income from Caratlane, its on-line jewelry portal.
“Caratlane Buying and selling Non-public Restricted continued to do nicely in each on-line and offline channels, rising as a powerful omni participant. The annual income was Rs 1,256 crore and revenue Rs 39 crore (earlier than taxes and distinctive gadgets), in comparison with income of Rs 716 crore and revenue of Rs 2 crore in FY21 [respectively],” the corporate mentioned in a press release.
Titan additionally offers in watches and wearables, eyewear, perfumes, amongst different merchandise, which helped assist its efficiency throughout the quarter.
The watches & wearables enterprise reported revenue of Rs 622 crore, a 12% development. The eyecare unit reported revenue of Rs 134 crore, up 6% y-o-y, and different companies corresponding to Indian dresswear and fragrances and trend equipment, reported revenue of Rs 42 crore, registering a development of 20%.
The corporate added 269 retailers throughout the 12 months on a internet foundation. Titan’s retail chain (together with Caratlane) has 2,178 retailers throughout 337 cities with space exceeding 2.8 million sq. ft, as of March.
The corporate’s board additionally introduced a dividend of Rs 7.50 per fairness share. Share costs had been already buying and selling round 3% decrease at Rs 2,386 apiece on Monday. Markets had been closed on Tuesday.
The corporate mentioned it’s hopeful its international growth will additional enhance its monetary well being on this monetary 12 months. “With worldwide growth in GCC markets and the primary Tanishq retailer developing within the US, we’re gearing as much as contact new horizons in FY23,” Venkataraman mentioned.
