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Prabhudas Lilladher Report
Titan Company Ltd. posted stronger than expected Q3 jewellery sales growth even as watch and eyewear sales are slightly lower than our expectations. We believe 37% jewellery sales growth (~45% volume growth) shows the benefit of low gold prices, busy marriage season, hallmarking, higher walk ins and 15% increase in ticket size than pre Covid-19 levels.
Watch sales bounced back led by Titan brand in tier-II/III cities while eyewear business growth was led by sunglasses and frames.
We note that Tanishq sales are far better than our channel checks which suggested industry growth of ~20%, suggesting market share gains.
Titan's retail expansion continues with addition of 14 stores in Tanishq, 20 in watches, 53 in Eyewear, six in Caratlane and two in Taneira.
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