Titan Ltd sale grows twofold in Q1 FY22 helped by last year low-base
10th July 2021, Mumbai:
Helped by the low base of last year due to the pandemic, the Q1 FY22 sales of leading watch and jewelry maker Titan increased by two-fold. The brand’s jewelry segment grew by 107 per cent due to zero sales in April of last year. The company’s revenue grew by 117 per cent with growth of approximately 50 per cent, 10 per cent and 40 per cent coming from April, May and June months respectively.
During the April-June quarter this year, the company's sales were hit only to a small extent until the third week of April, after which there was a sharp rise in COVID cases due to the second wave of the pandemic.
Sales recovery is gradually improving across businesses, along with the increase in store operational days. This year, Watches & Wearables and Eyewear segment also witnessed rapid recovery in walk-ins with the re-opening of stores, which was seen in only Jewelry division last year.
The 'Watches & Wearables' division "grew by 280 per cent over Q1/FY21" as sales were nil in April month of last year and the recovery this year has been faster.
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The eyewear division grew by 117 per cent over the corresponding Q1/FY 21 while the 'Fragrances & Accessories ' business grew by three times over the last year.
Titan is a Joint venture between the Tata Group and Tamilnadu Industrial Development Corporation (TIDCO). It had commenced operations in 1987 under the name Titan Watches and later in 1994, diversified into jewellery and subsequently into eyewear.
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