Titan Company finished the quarter on a satisfactory note despite Q4 FY22 getting disrupted twice - first due to the partial lockdowns caused by the Omicron wave in January 2022, and during the month of March in 2022, in which consumer sentiments got affected adversely due to a sharp increase and volatility in gold prices and uncertainty due to a fragile geo-political situation.

However, the underlying demand continued to be strong across all of its businesses, with most segments posting Y-o-Y growth over a strong Q4 FY21 base. The network expansion and campaigns have continued to progress well in anticipation of an upbeat Q1 FY23 which is expected to be normal after a gap of two years of lockdowns in the same period, the company highlighted.

The revenues from the jewellery segment declined 4% Y-o-Y over a strong Q4 FY21 base (with a benefit of a large B2B order). The jewellery division had recorded a 70% jump in income to Rs 6,397 crore for Q4 FY21 (excluding gold bullion sales), as compared to Rs 3,754 crore in Q4 FY20. However, during this quarter, the business saw tepid activity in top cities on account of the Omicron wave in January 2022, a robust resurgence in February 2022 and a fall in customer purchases in March 2022 (on the back of sharp rise in gold prices and sentiment impact due to the external geo-political conflict). While walk-ins saw minor decline, the customer conversions and ticket sizes grew marginally for the quarter compared to the same period last year.

The sales from top-eight cities grew in single digits while the rest of India saw a small decline. Though the plain jewellery category bore the brunt of gold volatility in March 2022, leading to a slight decline for the quarter, studded sales clocked in a high single-digit growth, thereby partially cushioning the impact. Golden Harvest enrolments witnessed double-digit growth rates. Store expansions (net) continued as per plan with commissioning of seven new stores for Tanishq, eight for Mia by Tanishq and one for Zoya. The division added 16 new stores in Q4 FY22, taking the total to 444 as of March 2022.