Shares of Titan Company, a key entity in the Tata Group, climbed 2.3% on Monday to Rs 3,527.20 on BSE after the company reported a 24% year-on-year growth in its standalone business during the quarter ended December, the company said in its latest quarterly update on Monday.The jewellery segment of the company was a standout performer, reporting a 26% sales growth in the December quarter compared to the same period last year, largely driven by vibrant festive demand during the October-December period. “Robust consumer traction during ‘Diwali’ translated into high single-digit buyer growth along with double-digit ticket size growth,” Titan said. Plain gold jewellery sales surged by 24% year-on-year, boosted by increased gold prices and heightened demand for festive and wedding-related purchases. Additionally, gold coin sales soared 48%, reflecting strong consumer preference for gold as an investment and as a traditional purchase during Dhanteras. The studded jewellery category also performed exceptionally well, achieving a 21% year-on-year growth and marking its highest quarterly sales for the current financial year. Tanishq continued its international expansion with new store openings in Seattle, USA, and Gold Souk, Dubai, while adding 11 new outlets in India. Mia also contributed to the domestic expansion, with 13 new stores opened during the quarter.The company said its Watches & Wearables division showed mixed results, reporting a 13% year-on-year growth in its domestic business. While analog watches led the way with a 19% sales growth, wearables faced challenges, registering a 20% decline compared to the previous year. Store expansion efforts continued with 23 net new additions, including Titan World, Helios, and Fastrack outlets.Titan EyeCare delivered a sales growth of 17% year-on-year, driven by strong performance in both retail and e-commerce channels, the company said. The Titan Eye+ chain expanded its footprint with three new stores added in India during the quarter.In the emerging business segment, fragrances experienced a significant 27% year-on-year sales growth, while fashion accessories declined by 20%, the company said. Taneria's growth remained flat compared to the previous year, although it added one new store in Salem, India.Caratlane continued its strong performance with a 25% year-on-year growth, driven by a 26% rise in the studded jewellery portfolio. The brand also achieved a key milestone by opening its first international store in New Jersey, USA. Domestically, Caratlane added 19 net new stores during the quarter, increasing its presence in India to 305 outlets.Also read | Adani Ports posts 8% YoY growth in December cargo volumes(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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