Titan, Kalyan expect revenue to grow in double digits in Q3

Titan, Kalyan expect revenue to grow in double digits in Q3

Two of the country’s top jewellery firms — Titan and Kalyan Jewellers — anticipate double-digit revenue growth in the December quarter (Q3) as operating momentum remained strong in the festive period. India growth for Kalyan Jewellers was likely at 40%, with healthy same-store sales growth across key markets, it said. Consolidated revenue growth was likely at 33% for the period.

Titan, on the other hand, said it expects 21% domestic growth in its jewellery division in Q3. While watches & wearables would likely report a 23% revenue growth for the quarter. The company did not disclose its consolidated revenue growth for the quarter, saying standalone revenue growth was likely at 22% for Q3. Caratlane’s growth was likely at 31% in Q3.

Titan’s stock, on the other hand, ended the dat at `3,710.05 apiece on Friday, down 0.30% from the previous day’s close.

Despite volatility in gold prices, a higher number of ‘shraadh’ days and flash floods in Tamil Nadu, Kalyan Jewellers said it added 22 new showrooms in India in Q3. Additionally, the company said it had also signed letters of intent (LOI) for 80 showrooms planned for FY2025. In West Asia, the company said it is expecting year-on-year revenue growth of 6% in Q3, contributing 13% to the company’s consolidated revenue.

Titan said it added 90 stores in Q3, taking the company’s retail presence to 2,949 stores in the quarter under review. Tanishq expanded its international presence adding two more stores in the US including Houston and Dallas and one store in Singapore. Mia opened its first store in Dubai taking the jewellery international footprint to 14 stores. Of the 34 new store additions (net) in India, 18 stores were added in Tanishq and 16 stores were added in Mia, it said.

Kalyan Jewellers, meanwhile, said it had 235 showrooms spread across India and West Asia at the end of Q3. In the March quarter, the company plans to expand its footprint by 30 stores, including 15 new showrooms in India, two in the West Asia, and an additional 13 Candere showrooms. The launch of its 250th outlet would happen in Ayodhya.