Titan Co., India’s leading organised jewellery retailer, reported 18% growth in jewellery revenue to ₹7,203 crore for the Q2 that ended 30th September 2022 on a year-on-year basis. Jewellery alone contributed 87% of Titan Co.’s total Q2 revenue of ₹8,308 crore (+18.2% YoY, excluding bullion sales).
The jewellery division, comprising brands Tanishq, Zoya, Mia and Caratlane, saw ~15% growth in its India business and ~400% growth in the international business (off a low base), Titan informed.
Jewellery earnings before income & taxes (EBIT) of ₹1,103 crore and a 15.3% margin was led by a combination of operating leverage benefit and better realisations across the portfolio, Titan noted.
“Total buyers grew by ~10% YoY with the proportion of new buyers in the quarter clocking in a healthy 50%. Gold jewellery, coins and others together grew ~11% YoY. Studded’s growth trajectory of 25% YoY was driven by good activations and contribution from high value purchases,” the company said in a presentation.
The Golden Harvest Scheme saw healthy enrolments and redemption sales indicating positive buyer intent (both achieving higher growths than the overall division), it added.
Titan kept up its momentum of expansion with 39 new stores opened in Q2 across its four jewellery brands, taking its jewellery retail presence to 645 stores, of which four stores are in the Middle East.