Titan Firm Restricted’s return to normalcy on the enterprise entrance has been progressing properly with the virtually full lifting of restrictions in phased method over previous couple of months throughout the nation. There was larger acceptance of the brand new regular amongst customers and so they have been getting again to lots of their routine actions resulting in a optimistic on the walk-ins to the shops and time spent in shops. The Firm is now gearing as much as acquire properly from the upcoming pageant season which is anticipated to additional uplift the temper of the customers.
The enterprise groups throughout divisions have acted with agility and rolled out a number of initiatives to realign with the brand new regular and serve the shoppers in new methods. Through the preliminary lockdown, gold-standard security protocols had been developed, together with the appointment-based buyer visits, common & intensive sanitization of shops & merchandise, employees trainings, weekly rotation of gross sales employees and many others. The Firm acquired very optimistic suggestions on its security measures.
There was acceleration within the digital transformation journey of the Firm, for which investments have been made by the Firm during the last 3+ years. Roll out of omni channel platforms and limitless aisle, together with video conferencing choices have helped have interaction with the shoppers significantly better throughout these robust instances. As well as, the model web sites supply Stay chat choices, self-service choices and have generated many buyer leads that’s being served by close by shops. The investments in CRM instruments, the Encircle platform (loyalty programme) and information analytics instruments helps to determine prospects with excessive propensity to purchase. Enterprise by way of the e-commerce channel has grown considerably throughout all divisions.
Opening of malls have additionally helped the mall shops however the footfalls are nonetheless comparatively low in these shops. Because the gross sales are reviving at wholesome tempo, the community growth has additionally resumed.
The corporate is sponsoring Cricket LIVE in IPL for the third consecutive yr as a co-sponsor for this yr with the model participations from Tanishq and Titan watches. It’s the most awaited cricketing occasion with a lot larger viewership anticipated this yr as there are only a few different protected leisure choices accessible for customers.
The ‘Conflict on waste’ program is monitoring properly on inner milestones. There has additionally been vital give attention to optimizing stock and producing money flows this yr. The Firm has been monitoring the monetary wellbeing of its enterprise associates – franchisees and vendor companions – continually and monetary help has been provided the place required.
The Firm launched an trade collective referred to as #LetsGetlndiaTicking, a motion urging people to kick-start the wheel of the financial system by persevering with a few of their previous behaviors within the ‘new regular’, throughout the ambit of security. The marketing campaign, with the bigger goal to revive livelihoods and the financial system, has been acquired very properly.
The division did very properly in Q2, with a restoration price of round 98% (excluding sale of uncooked gold) in Q2, in comparison with the income of identical quarter in final yr. The walk-ins have been enhancing with conversion charges and common ticket dimension being larger in comparison with identical interval of final yr.
The restoration price in metros that have gotten impacted probably the most by the pandemic has been enhancing regularly. Non-metros appear to have recovered considerably and lots of cities have truly recorded progress in comparison with final yr. Gross sales in September month has been first rate, regardless of the inauspicious interval of ‘Shradh’. The pageant season will begin about 15 days later within the present yr.
The quarter, like final yr, had a studded activation which noticed an honest response however the studded ratio is but to get better to earlier yr ranges. Sale of gold cash have additionally been excessive reflecting the shopper’s choice to spend money on gold as an asset class. The marriage jewelry phase did notably properly within the quarter.
The Firm continued to promote extra gold in its stock and the quarter had a sale of ~INR 390 er. of uncooked gold. This has helped enhance the money circulate of the division considerably.
A brand new assortment ‘Rooted from Zoya’ symbolizing the internal power and perseverance that the Zoya lady shares with the rainforest was launched through the quarter. The gathering attracts on motifs from the world’s rainforests, which have stood tall for 55 million years, their immense power preserved within the face of climatic upheavals solely to emerge stronger. The gathering was nearly launched by celebrated designer Gauri Khan.
‘Mia’ launched “The Princess Edit” assortment in affiliation with Disney.
The division added 14 Tanishq shops on web foundation within the present fiscal, with the retail area addition being ~60Ok sq.ft.
Watches & Wearables
The division had a restoration price of round 55% in Q2, in comparison with the income of identical quarter in final yr, with a restoration of ~70% within the September month. E-commerce is main the restoration with absolute progress however the commerce channel continues to pose challenges primarily resulting from destocking.
The restoration price for the enterprise has been steadily growing month on month pushed by primarily by growing walk-ins to the shops. The conversion price and ticket dimension (led by high-value prospects} has been monitoring larger in comparison with pre-Covid ranges.
Stroll-ins have been impacted by the overall decline in site visitors in purchasing zones which additionally used to get prospects from surrounding catchment areas and prospects searching for different classes. Comparatively neighborhood shops surrounding residential areas have achieved higher. Work-from-home tradition in metros has impacted the gross sales in after-office hours and the decrease site visitors round workplace areas. Decrease site visitors in malls has impacted the LFS channel.
As the necessity for dressing up has been decrease, there was extra give attention to social relationships resulting in robust demand for gifting to shut members of the family (for birthdays, anniversaries and many others.}. ‘Present a Titan Marketing campaign’ was launched that focuses on gifting to understand the little issues that our family members do for us.
Titan crossed vital milestone within the quarter by launching its first full contact smartwatch, ‘Titan Related X’ which is function packed and trendy. It acquired very optimistic response from the shoppers and witnessed excessive sell-through charges. One other vital product launch was ‘Titan Pay’ which resulted from a strong collaboration between SBI & Titan. The watches have a chip embedded within the strap that permits contactless funds. It has acquired a really optimistic response from customers and trade specialists and is being tagged on social media extensively:
Titan additionally launched ‘Regalia Opulent’ assortment, ‘Bandhan’ assortment, a premium pair watches for gifting, ‘Mild Leathers’, a group of up to date traditional work-wear watches for males and ‘Neo’ assortment for each males & ladies in inexpensive value vary.
Fastrack launched ‘Ruffles’, 2nd assortment with Ananya Panday, impressed by pleats in pastel shades, a preferred alternative for the stylish younger women of at present and a rising trend development. For guys, ‘Imply machines’, a Anna Digi watch assortment with a sporty, rugged and out of doors informal outlook, ‘Fastfit’ assortment with inspiration from health and gymnasiums and ‘All nighters 2.0’ assortment which may be very trendy had been launched Sonata launched ‘Versatyle’, the primary ever Males’s Multifunction watches from the model. The model additionally launched ‘Splash 2.0’ for younger ladies, a vibrant assortment of watches at a compelling value level of below ~1000, ‘Past Gold’, a contemporary festive assortment for males. The model has additionally launched ‘CSK assortment’ for IPL season together with a marketing campaign titled ‘As soon as a fan, all the time a fan.’ Sonata launched ‘Sonata- India Ka Favorite’, a digital marketing campaign cementing its place as India’s most liked watch model.
The division added 7 WOT shops & four Helios retailer and closed Three Fastrack shops on a web foundation within the present fiscal, including ~3K sq. ft. of retail area.
Eye Put on
The division had restoration of ~58% in Q2, in comparison with the income of identical quarter in final yr, with a restoration of~ 70% within the September month.
After a spot of 1.5 years, the division has once more began promoting its merchandise by way of Amazon and Flipkart, which is seeing response. The division is recording highest ever Internet Promoter Rating (NPS) until date. Teleconsultation was launched in July ’20 by way of tie-up with Sankara Nethralaya.
In lens, “Neo Progressives” assortment, powered by 9 superior progressive applied sciences, was launched to supply prospects with lenses that may assist their eyes adapt to the elevated publicity to digital gadgets. The division additionally launched a brand new vary of anti-fog lenses for these sporting body and masks and print marketing campaign was run for a similar.
15 shops had been added whereas 42 shops had been closed by the division within the yr so far, leading to a web discount of 27 shops.
‘Taneira’ launched its first retailer in Chennai through the quarter passed by, taking the entire retailer depend for the enterprise to 13 masking six cities. Additional, all current shops of Taneira’ re-opened put up lockdown and had been operational on the finish of Q2. The model launched ‘Tasvi’ festive assortment, an beautiful assortment of sarees impressed by the cultural and design parts of the three Goddesses – Durga, Laxmi and Saraswati.
The restoration price for Fragrances and equipment was round 50%, dragged down by sluggish restoration of the 2 of the most important channels, commerce and LFS. LFS has been sluggish on account of the decrease walk-ins into malls. Commerce has been sluggish primarily on account of the tight monetary place of most sellers. E-commerce channel has achieved properly.
SubsidiariesTEAL (100% owned)
TEAL recorded a income decline of ~15% in Q2.
Automation enterprise phase continued to do properly in Q2 because it has prospects throughout various industries that search automation options of their manufacturing services. The phase additionally acquired repeat larger dimension orders for supplying parts for ventilators and medical gadgets able to detecting TB & Covid-19.
Aerospace & Protection phase is challenged resulting from sluggish demand from OEMs, though there have been no order cancellations and a strong RFQ pipeline exists. The phase participated in manufacturing of ventilators for Bharat Electronics Ltd.
CaratLane (72.3% owned)
CaratLane had a powerful restoration within the 2nd quarter delivering a progress of ~14%. This progress was pushed by a continued excessive demand within the on-line channel in addition to a sequential enchancment within the income of shops, many extra of which had been capable of open through the course of the quarter as lockdown restrictions had been lifted. The model added 5 new shops within the quarter taking the entire retailer depend to 97. Each the choice channels – Strive at House and CaratLane Stay (video calling) – have seen robust traction from prospects.
Shares of Titan Firm Restricted was final buying and selling in BSE at Rs.1200.95 as in comparison with the earlier shut of Rs. 1194.5. The overall variety of shares traded through the day was 61265 in over 3705 trades.
The inventory hit an intraday excessive of Rs. 1215.5 and intraday low of 1192.3. The web turnover through the day was Rs. 73630604.
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