TATA Group’s Titan Company reported an expected subdued quarter with sales down 3% YoY for the jewellery segment. A strong Q4FY21 base of up 71% YoY, impact of Covid in Jan-22 and gold price volatility in Mar-22 were the key factors halting growth recording the 9MFY22 growth of 46%.
Titan highlighted that underlying demand continued to be strong across businesses.
While the performance is below trend, it is attributable to one-off factors with the underlying structural growth unchanged.
Titan highlighted that Q4FY22 was a volatile quarter and the jewellery division ended on a flat note over a strong Q4FY21 base. Business saw subdued activity in top cities due to the Omicron wave in Jan-22, a very strong resurgence in Feb-22 and again a drop in customer purchases in Mar-22 on the back of a sharp rise in gold prices and sentiment impact due to the geo-political scenario.
Titan has been among the biggest beneficiaries of the shift from unorganised to organised segment in jewellery., The company has managed to outpace other large jewellers. Titan expect this trend of market share gains to sustain, driving its multi-decade growth. Furthermore, the company is currently only present in 220 cities, and has a target to extend its presence to 500-plus over the next five years.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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