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Titan jewellery division glitters with robust festive, wedding season demand in Q3FY22

News:  Titan’s jewellery division (Tanishq) delivered yet another robust performance with revenue trajectory coming in significantly ahead of consensus estimates for a second consecutive quarter. Overall revenue growth (excluding gold bullion sale) came in at 36% YoY in Q3FY22 (vs. consensus estimate of ~17%). Tanishq continued to gain market share amid robust topline growth of 37% YoY in Q3FY22, driven by buoyant jewellery demand in October and November. Watches segment also witnessed healthy demand with revenue growth of 28% YoY in Q3FY22 (~112% of pre-Covid levels).

Views: Both plain and studded segment witnessed strong double digit growth with share of studded ratio increasing in the overall pie compared to last year. New buyer growth was higher than total buyer growth driven by Tanishq's regionalization strategy of winning in its key ‘focus’ markets. Robust performance in challenging times reaffirms our thesis of long term market share gains for Titan. We believe Titan is a structural growth story and appears to be a key beneficiary of the unorganised to organised shift in the Indian jewellery market. We remain positive on the stock.

Impact: Positive