By Malvika Gurung
Investing.com -- The Indian luxury products company Titan (NS: TITN ) has released its updated business figures for the quarter ending March 2022, ending the financial year 2021-22 on a moderate note notwithstanding multiple headwinds in the period.
The Tata Group company noted that its business witnessed subdued activity in top cities due to the Omicron variant of Covid-19 in January, which rebounded in Feb, followed by a sharp uptick in the prices of gold , due to the Russia-Ukraine crisis.
The company further stated that despite lower walk-ins in the March quarter, customer conversions and ticket sizes in the period rose on a YoY basis.
Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala hold a 5.09% stake in the Tata Group firm, as of December 31, 2021.
The watches and wearables segment showed good growth momentum, rising 12% YoY in Q4 FY22, adding 34 new stores in the period and 843 in the financial year.
Titan’s jewellery business ended the volatile March quarter on a muted note, with a strong base benefitting from a large B2B order.
The company added 16 new jewellery stores across in the March quarter, commissioning 7 new Tanishq stores, 8 Mia by Tanishq and 1 Zaya store. In FY22, it added 444 such stores.
The eyecare segment climbed 5% on a YoY basis in the final quarter, with sales led by sunglasses and frames. The division added 51 new stores in the quarter and 733 in the year.
The network expansion and campaigns have continued to progress well in anticipation of an upbeat Q1 FY23, which is expected to be normal after a gap of two years of lockdowns in the same period, stated the company.
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