Titan expects good Q3 show in jewellery business despite high base

Titan Company, a prominent Indian jeweller and watchmaker, reported a 9% year-on-year revenue growth in Q1 FY25, totaling ₹11,263 crore. This performance was primarily driven by its jewellery division, which accounts for over 75% of total revenue. Despite high gold prices and fewer wedding days, the jewellery segment achieved an 8% domestic growth, with average selling prices increasing, though the number of buyers grew only modestly. The watches and wearables division experienced a 14% growth in domestic sales, with analog watches seeing a 17% rise. However, the wearables segment, including smartwatches, faced a 6% decline. The EyeCare division reported a 3% increase in revenue, aided by its entry into affordable fashion eyewear. Internationally, Titan's performance was robust, with revenue surging 86% year-on-year, largely due to strong demand for its Tanishq brand in the U.S. market. The company expanded its retail footprint by adding 61 new stores, bringing the total to 3,096. Despite the challenges posed by high gold prices and a subdued wedding season, Titan's diversified portfolio and strategic expansions contributed to its steady growth.