Titan’s mainstay jewellery business revenue (excluding bullion sales) clocked 19% year-on-year revenue growth in the September quarter (Q2FY24), according to the company’s provisional business update. This compares with 19% growth seen in the June quarter and 24% in the March quarter. In short, Titan’s delivery has been consistent in the jewellery business, which formed over 85% of overall revenues in FY23.
Last quarter, the company saw double-digit growth in buyers and ticket sizes. Further, Q2 jewellery growth got a fillip on the back of activation (promotions) for studded jewellery, new collection launches, robust Golden Harvest scheme sales, a healthy wedding season and high-value studded jewellery purchases. Meanwhile, growth in the comparatively smaller watch business was faster at 32%. Thus, Titan expects overall standalone revenue growth of 20% year-on-year in Q2FY24.
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