Titan Company reports 20% revenue growth in FY24 Q2

Tata Group’s Titan Company reported 20% year-on-year revenue growth in the second quarter of the 2024 financial year, in part due to opening 81 brick-and-mortar stores during the financial quarter, which ended in September. 

“Building on the positive Q1 momentum, domestic consumer sales (secondary) exhibited strong year-on-year growth and were led by double-digit growths in buyers and ticket sizes,” said Titan Company in a statement, ET Markets reported. 
 
The business now counts 2,859 brick-and-mortar stores spanning categories including jewellery, apparel, and watches. Titan Company’s jewellery segment witnessed 19% revenue growth in the second quarter of this fiscal which was led by 20% domestic business growth as well as a lower primary outgo from India to its international outposts due to inventory realignment. 

Titan Company opened 37 jewellery stores in India in the second quarter which comprised 26 Mia by Tanishq stores, 10 Tanishq stores, and one Zoya store. The business also opened around 20 stores for its watches segment which comprised 10 Titan World stores, five Fastrack stores, and five Helios stores. 
 
Titan Company opened four new stores for its women’s ethnic wear brand Taneira, which it is expanding pan-India. For its eyewear segment, the business reported 12% year-on-year growth during the quarter and for its domestic watches and wearables segment, Titan Company reported 32% year-on-year growth which was at 22% growth for analog watches and 131% for wearables