Titan share price declined over 2% in early Monday trade after the Tata Group company reported weak growth in the jewellery business during the first quarter of FY25, disappointing the street. Titan shares plunged as much as 3.46% to ₹ 3,156.
15 apiece on the BSE, extending the fall for the fifth trading session. Titan Company registered a growth of 9% year-on-year (YoY) in Q1FY25, the company said in its quarterly business update on July 5. Its domestic jewellery operations grew 8% YoY, impacted by weakness in consumer demand on account of a surge in gold prices and lower number of wedding days.
Domestic growth came largely through increase in average selling prices whereas buyer growth was in low single digits, the company said. In the Watches & Wearables segment, the domestic business grew 14% YoY, with revenue growth in analog at a healthy 17% YoY. Wearables witnessed a decline of 6% YoY.
EyeCare’s domestic business recorded a growth of 3% YoY, while the division’s foray into affordable fashion is aiding volume growth for the category. Titan Company added a total of 61 stores (net) during the June 2024 quarter expanding combined retail network presence to 3,096 stores. Titan’s Q1FY25 quarter performance was below Antique Stock Broking’s expectations due to weakness in the jewelry business.
Caratlane continues to perform strongly, growing 18% YoY, while Emerging businesses witnessed moderation with revenue growing 4% with Taneira and Fragrances & Fashion Accessori.