Titan Company’s stock price zoomed over 6 per cent in early trade on Thursday after the company clocked strong sales numbers across the segments for first quarter of FY23 ended June 30.
At 12.30 pm, the scrip logged Rs 2,118.75 apiece, up 5.23 per cent on the BSE.
The company said that Titan’s first quarter (Q1FY23) sales rose 205 per cent year-on-year (YoY) on a low base and clocked three-year CAGR of 20.5 per cent over Q1FY20, the only non-disrupted first quarter in the past three years, while adding that the network expansion and campaigns continued to progress well throughout the quarter.
As far as Titan’s expansion strategy in the first quarter is concerned, with the total number of stores being operated by the luxury brand climbing to 2,160 as of June 30, including 120 stores that were set up in the April-June period.
According to the exchange filing, Titan's jewellery sales during the first quarter surged by 207 per cent as compared to the year-ago period. The jewellery division had a good start to FY23 with robust sales on the occasion of Akshaya Tritiya in May after two years of Covid-induced lockdowns during this period, the company said.
"On a low YoY base, revenues nearly tripled, clocking growth of 207 per cent,” Titan said.
According to Titan, the sale of watches and wearables climbed by 158 per cent in Q1FY23, clocking the "highest ever quarterly revenue.”
Titan's 'EyeCare Division' posted growth of 176 per cent YoY, which was led by retain chain store, Titan Eye Plus and trade and distribution channels. Titan's other businesses which include — "Fragrances & Fashion Accessories, Indian Dress Wear etc" also reported growth.