SEC 68 / 2022-23 6th January 2023
The General Manager, DCS – CRD The General Manager, DCS – CRD
BSE Limited National Stock Exchange of India Ltd
Corporate Relationship Department Exchange Plaza,
1st Floor, New Trading Ring Bandra-Kurla Complex,
Rotunda Building, P J Towers Bandra (East),
Dalal Street, Fort, MUMBAI - 400 051
MUMBAI - 400 001 Symbol: TITAN
Scrip Code: 500114
Dear Sirs,
Sub: Quarterly Update – Q3 FY 2022-23
This is to provide the quarterly update for Q3 of FY 2022-23 as furnished in the attached
document.
Thank you.
Yours truly,
For TITAN COMPANY LIMITED
DINESH Digitally signed by
DINESH SHIVANNA
SHIVANNA SHETTY
Date: 2023.01.06
SHETTY 16:56:52 +05'30'
Dinesh Shetty
General Counsel & Company Secretary
Encl. As stated
Titan Company Limited
`INTEGRITY` #193 Veerasandra Electronics City P.O. Off Hosur Main Road, Bangalore 560100 India. Tel: 9180 6704 7000 Fax: 9180 6704 6262
Registered Office 3, SIPCOT Industrial Complex Hosur 635 126 TN India. Tel-91 4344 664 199 Fax 91 4344 276037, CIN: L74999TZ1984PLC001456
www.titancompany.in
6th January 2023
Quarterly Update: Q3FY23
The healthy consumer demand spurred by a vibrant festive season resulted in ~12% growth in
combined sales YoY across Company’s standalone businesses. The positive consumer sentiment
helped all categories clock healthy double digit growths despite a high base in the same period of last
year. Continuing the network expansion (net), the retail presence stands at 2,362 stores as at the end
of the quarter.
New Store
Segment / Subsidiary YoY Growth% Total Stores
(Q3FY23 v/s Q3FY22) Additions (net) (As of Dec’22)
Q3FY23
Jewellery 11% 22 510
Watches & Wearables 14% 48 953
EyeCare 10% 36 863
Emerging Businesses 75% 5 36
TCL (Standalone) 12% 111 2,362
TEAL 58% - -
CaratLane 50% 18 175
Note: Jewellery and Standalone growth metric excludes bullion sales in both periods; International business
operations growth metrics are included in Jewellery and Watches & Wearables Divisions wherever applicable
Jewellery:
Healthy new buyer growths in the festive period, higher value purchases in the studded category and
unique new collections for the season helped the Division achieve a ~11% growth YoY (excluding
bullion sales). The sales from studded category moderately outpaced gold jewellery (plain) segment
growth compared to the same period last year. Wedding sales grew in-line with the Division’s overall
sales. Tanishq opened its first international boutique store in USA, New Jersey in December 2022.
With this store opening, the international presence now spans 6 stores across Dubai, Abu Dhabi and
USA. The new store expansion (net) for the quarter consisted of 8 stores in Tanishq and 14 in Mia by
Tanishq.
Watches & Wearables:
Division’s ~14% growth YoY was led by strong traction in the wearables space. A slew of exciting
product launches in the fiscal year leading to the festive season contributed well to more than tripling
sales from the wearables sub-segment in the quarter compared to same period last year. The analog
watches segment too saw multiple product launches like Edge Squircle, Titan Quartet and new range
of mechanical watches for men and Raga Delight watches. Targeted campaigns and activations and
the desire to own more premium / differentiated watches helped in good consumer demand for key
brands in the portfolio. The Division had also initiated a retail store transformation journey across Titan
World and Helios stores since mid of FY22. In line with the changes, 81 stores have been renovated
till now in YTD FY23 offering premium experience to customers. Store expansions pan-India (net)
included 24 new store additions of Titan World, 17 of Helios and 7 in Fastrack for the quarter.
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EyeCare:
Sales from Titan Eye+ stores and Trade & Distribution channel saw in-line growth with the overall
Division. EyeCare expanded its nation-wide presence adding 36 new stores in Titan Eye+ (net) for the
quarter.
Emerging Businesses – Fragrances & Fashion Accessories (F&FA), Indian Dress Wear
(Taneira):
F&FA grew ~39% YoY driven by ~50% growth in Fragrances and ~21% growth in Fashion Accessories.
Amongst key offline channels for F&FA, Trade and Large Format Stores (LFS) grew the fastest, both
clocking much higher growths than the overall Division. Division launched the ‘IRTH’ brand of women
handbags during the quarter.
Taneira’s sales grew by ~150% YoY driven by new store openings and healthy double digit growth from
existing stores. The customer response during the festive season was quite encouraging. The brand
opened 5 new stores during the quarter, taking the total store count to 36 covering 17 cities pan-India.
Bhubaneshwar, Patna and Gurugram were new city additions in the quarter with a store in each city
and 2 stores were opened in the existing cities of Bengaluru and Chennai.
Key Subsidiaries:
Titan Engineering & Automation Limited (Wholly-owned subsidiary) – Business grew ~58% YoY with
Automation Solutions Division growing by ~50% YoY and Manufacturing Services Division (earlier
called Aerospace and Defense) clocking ~64% growth YoY.
CaratLane (72.3% owned subsidiary) – Business grew ~50% YoY driven by gifting campaigns around
the festive season from beginning of Navratri and continuing right till Bhai Dooj to capture consumer
buying intent for the period. Studded growth was moderately higher than the overall growth and mix
marginally higher than last year contributing to ~75% of the total business.
The above information for the period ended 31st December 2022 is provisional, and subject to Limited
Review by the Statutory Auditors of the Company.
For Titan Company Limited,
Digitally signed by
ASHOK ASHOK KUMAR
KUMAR SONTHALIA
Date: 2023.01.06
SONTHALIA 16:50:41 +05'30'
Ashok Sonthalia
Chief Financial Officer
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