- 20 Feb 2023
- ICICIdirect Research
TITAN ASPIRES FOR DOUBLE DIGIT REVENUE GROWTH IN FY24 DESPITE HIGH GOLD PRICES
TITAN - 3573 Change: 62.70 (1.79 %)News: In a media interaction, the Titan jewellery division CEO said its jewellery brand Tanishq is aiming for double-digit growth in FY24 with plans to expand its high-value and solitaire segment by 2x and wedding & occasion wear segment by 1.5x. Also, the company is planning to increase its omnichannel revenue from 6% to 10%, add 40 stores and expand 25 stores. Tanishq is also planning to increase its presence in the Gulf and Northern American markets this fiscal year
Views: Titan's jewellery segment is witnessing an uptick with the Indian market picking up in both metro and rural areas. The company expects to report double digit growth in revenues. Further, Titan is witnessing a premiumisation trend with increasing ticket sizes. The company is aspiring to increase the share of high value and solitaire diamonds to increase 2x from current revenue share of 15%, which augurs well for an improvement in the margin profile
Impact: Positive