Titan Company posted its business update for the quarter ended September on Friday evening.

What Happened: The Tata Group company reported a growth of roughly 25% in Q2FY25. The firm also launched 75 new outlets during the quarter, taking its total retail network to 3,171 stores.

The jewellery division witnessed a 26% YoY growth, with 24 new outlets launched. The watches and wearables segment grew by 20%, with the addition of 34 new stores. The EyeCare division saw a 6% growth, with 2 new stores added. Emerging businesses experienced a 14% growth, with 4 new stores launched.

“The reduction in custom duty on gold imports from 15% to 6% led to a significant increase in consumer demand, resulting in a strong double-digit rise in gold (plain) for the quarter,” the firm stated in a press release.

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The Watches & Wearables segment saw a revenue growth of around 25% YoY, driven by both volume and value growths. However, wearables witnessed a revenue decline in low double-digits.

The company’s emerging businesses, including Taneira and Caratlane, also reported YoY growths of 11% and 28% respectively. The Fragrances & Fashion Accessories Revenue grew by 17% YoY.

This growth comes on the heels of a prediction by Morgan Stanley about a likely upswing in Titan’s share price. The global brokerage firm had reiterated its “equal-weight” rating on Titan, setting a target price of ₹3,570 per share and estimating an 80% probability that the stock will rise within the next 15 days.

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