BENGALURU (Reuters) – Indian jeweller and watchmaker Titan Co Ltd said on Friday it registered a revenue growth of 22% year-on-year in the third quarter ended Dec. 31 as it saw double-digit growth in its jewellery business.
Titan’s jewellery business alone had accounted for more than 85% of total income in the September quarter.
The Tata Group-owned said while its overall jewellery business grew 23% year-on-year in the December quarter, it rose 21% year-on-year domestically, led by double-digit buyer growth and moderate improvement in average selling prices.
The third quarter for fiscal 2023 coincided with festivals such as Dussehra in October and Diwali in November, when buying gold is considered auspicious. The quarter also sees more weddings, which is one of the biggest drivers of gold purchases in India.
Titan’s watches and wearables segment, which made up nearly 11% of the total income for the company in the previous quarter, saw a double-digit 21% year-on-year growth in the quarter.
The growth in the analogue watch segment was driven by strong performances from Titan, Sonata, Helios, and other international brands.
Titan’s fashion and fragrances segment declined around 9%. However, its revenue in its premium fashion brand Taneira revenue grew by about 61%, with the addition of 11 new stores in different cities. Overall, Titan added 34 new stores in the quarter.
(Reporting by Ashish Chandra and Navamya Ganesh Acharya in Bengaluru; Editing by Janane Venkatraman)