Tata group firm Titan on Wednesday said its sales in the April-June quarter were up nearly three-fold on a year-on-year basis, helped by a low base of the Covid-19 impacted quarter in the last year.
Its network expansion and campaigns continued to progress well throughout Q1FY23, which was the non-disrupted first quarter in the last three years, said Titan in its quarterly updates.
"Sales in Q1FY23 grew 205 per cent YoY on a low base and clocked 3-year CAGR of 20.5% over Q1FY20," Titan said.
While, its jewellery division, which contributes around 85 per cent of its revenue, reported 207 per cent growth and added 19 new stores during the quarter, taking the total count to 463.
"The Division had a good start to FY23 with robust sales on the auspicious occasion of Akshaya Tritiya (AT) in May month after 2 years of Covid induced lockdowns in this period. On a low YoY base, Revenues nearly tripled, clocking a growth of 207 per cent," said Titan.
Both walk-ins and buyers grew in line with Revenues whereas ticket size marginally improved compared to Q1FY22.
"Growth in plain gold jewellery was nearly 3-times whereas studded sales were comparatively higher YoY. Studded mix was better than last year and comparable to pre-Covid levels seen during this quarter," said Titan.
While its Watches & Wearables Division achieved its "highest ever quarterly revenue" in Q1FY23 growing 158 per cent YoY with healthy growth witnessed across all brands and products.
"The key channels of Multi-Brand Retail (MBR), Titan World and Large Format Stores (LFS) continued on their growth trajectory from FY22. The wedding season worked really well for all brands and channels, especially in April and May," the company said.
Wearables growth nearly quintupled, whilst maintaining the momentum seen in the latter half of FY22.
"Store expansions (net) continued with 26 new stores of Titan World and 15 of Helios. The transformation of Titan World, Helios and Fastrack stores to newer formats offering a wider choice of premium brands continued with 28 store renovations undertaken during the quarter," the company said.
Similarly, its EyeCare Division reported a growth of 176 per cent YoY, which was led by its retain chain store, Titan Eye Plus (TEP) and Trade & Distribution channels.
Titan's Other Businesses which include — Fragrances & Fashion Accessories, Indian Dress Wear etc also reported growth.
"Individually, Fragrances grew at 262 per cent YoY whereas Fashion Accessories grew 293 per cent YoY," said Titan.
Titan was set up in 1984 as a joint venture between the Tata Group and the Tamil Nadu state government.
While the Tata Group owns a 25.02 per cent stake, the state government owns a 27.88 per cent stake in the company.