Shares of jewellery and watches maker Titan Company Ltd rallied over 3% on July 7 Friday after the company shared a strong operational performance update for Q1FY24. The company reported revenue growth of 20% in the first quarter of FY24 due to solid all-round performance.

Titan Company’s share price rallied more than 50% last year. The share price on July 7 reached an all-time 52-week high of Rs 3,210.00 per share on NSE.

During the quarter, the company added 68 stores (including CaratLane), taking its retail presence to 2,778 stores.

The company registered a 20% YoY revenue growth, with all key consumer businesses highlighting double-digit growth for Q1FY24.

The jewellery division grew by 21% in Q1FY24. Gold and studded categories grew with no notable change in the overall product mix.

The Watches & Wearables Division’s 13% YoY growth consisted of 8% growth in the analogue watches segment and 84% YoY growth in Wearables, the company said in a regulatory filing.

The EyeCare Division saw a sales growth of 10% YoY, while its Emerging Businesses of Fragrances & Fashion Accessories grew by 11% YoY.

CaratLane, a subsidiary of Titan, grew by 32% YoY, indicating a healthy four-year CAGR of nearly 50%.