Tata Group firm Titan has reported a strong recovery across its divisions ranging from jewellery, eyewear, watches and wearables in the July-September quarter and its sales in most of its divisions have either reached above or close to pre-pandemic levels.
In its quarterly update, Titan said that most of its divisions have either crossed or are swiftly moving to reach the pre-pandemic levels. It also informed that most of its stores are fully operational except a few in some towns which have imposed localised restrictions, with overall store operation days exceeding 90 percent for the quarter.
The company witnessed a 78 percent year-on-year (YoY) growth in the jewellery segment in Q2, while watches and wearables grew 73 percent; eyewear clocked 74 percent growth and its online jewellery platform grew 95 percent YoY.
Overall, the company registered a 78 percent growth in its revenue on a standalone basis in Q2.
“The demand postponement triggered by the second wave of the pandemic in avenues like gift purchases, occasions/milestone buying, weddings, investments in gold etc. witnessed a strong comeback in Q2. Both plain and studded segments grew in double digits, however a much stronger growth in the plain segment led to studded mix being below pre-pandemic levels,” it said.
According to Titan, now digital gold is a new pilot offering that helps customers purchase gold online and lock in the gold prices with an ability to convert it into jewellery at a later stage.
Titan launched 13 new stores under Tanishq in the quarter taking the total store count to 414. It also introduced two CaratLane stores which takes the total store number to 123.
“The e-commerce sales also continued its growth momentum. Walk-ins continue to slowly improve with malls and large format stores at 65 percent and 70 percent of pre-pandemic levels, respectively. Tier-II cities are witnessing better recovery in walk-ins compared to metros,” it said.
The company also registered healthy growth in eyewear, fragrances, ethnic retail and accessories businesses, and added 24 new stores under its eyewear category and 8 new stores under the watches and wearables category in Q2.
“All 14 stores of Taneira re-opened post lockdown and were operational for about 80 percent of the total available store days during the quarter, on an average,” it said.
Titan Company had reported a consolidated profit of Rs 18 crore for the June quarter as compared to a net loss of Rs 297 crore in the corresponding period of last fiscal and the total income during the quarter was Rs 3,519 crore, as opposed to Rs 2,020 crore in Q1 FY21.