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Titan Company, a subsidiary of the Tata Group, has invested Rs. 100 crores to acquire commercial space in Mumbai's Borivali area. The company purchased three floors in the Vini Elegance building, which is currently being used as a Tanishq jewellery store. The acquired space spans a total of 16,280 square feet and includes exclusive access to 18 parking spaces. To complete the transaction, Titan Company settled the outstanding dues of Rs. 37.32 crores owed to Axis Bank, the lender for the property. Additionally, the buyer paid stamp duty amounting to Rs. 6 crores for the registration of the transaction.
In terms of financial performance, Titan Company recorded impressive results for the quarter ending in March. The company achieved a substantial 40% year-on-year increase in its consolidated net profit, amounting to Rs. 736 crores. Furthermore, the total revenue for the same quarter witnessed a growth of 26% year-on-year, reaching Rs. 9419 crores. Notably, the company experienced significant growth in both the jewellery segment, with a 24% increase to Rs. 7,576 crores, and the watch and wearables market, with a 40% rise to Rs. 871 crores.
During the fiscal year 2022-2023, Titan Company significantly expanded its retail network presence both in India and abroad. In the jewellery market, the company added a total of 97 stores, bringing the overall count to 541 stores spread across 253 locations. This includes the addition of seven international stores in Dubai, Abu Dhabi, and the United States. In the watches and wearables market, Titan Company expanded its presence by 162 locations, resulting in a total of 1,005 stores across 306 cities. Other verticals within the company, such as EyeCare, Caratlane, and Taneira, also contributed to the growth by adding a significant number of stores to their respective networks.
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