Tata Group Heavyweight Jumps 6% on Excellent Sales in Q1 FY23: Details

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Tata Group Heavyweight Jumps 6% on Excellent Sales in Q1 FY23: Details
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The luxury products company Titan (NS: TITN ) posted an almost three-fold jump in sales during the June 2022 quarter on a YoY basis. The company continued to expand in Q1.

A low base reported in the same quarter last year due to the impact of Covid-19, contributed largely to high sales figures this quarter, along with robust network expansion and campaigns.

The Tata Group firm’s shares zoomed almost 7% on Thursday, ending the session 5.66% higher at Rs 2,127.5 apiece.

Total sales in the quarter under review rallied a whopping 205% YoY and posted a 3-year CAGR of 20.5%, with its jewellery division contributing the most, about 85% of its revenue to the company’s cumulative figure.

Sales in this segment skyrocketed by 207% YoY in Q1 FY23, thanks to a robust sale during Akshaya Tritiya in May 2022, after the stores locked down and remained shut for two consecutive years during this period, and revenues almost tripled.

Walk-ins and buyers grew at par with a revenue rise, while ticket size improved marginally when compared to the year-ago period. It added 19 new stores in Q1 FY23, including 6 Tanishq stores, 12 Mia stores and a new Tanishq store in Dubai.

The watches sector zoomed 158% YoY in growth, led by a rise in sales across its brands and products, posting its highest-ever quarterly revenue. The eyewear division’s sales rallied 176% YoY, thanks to Titan Eye Plus and distribution channels.

The fragrances business grew at 262% YoY while the fashion accessories line soared 293% YoY.

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