• Q1 financial performance: Revenue rose over 24%, operating profit increased by 10%, and profit after tax surged around 65%, aided by double-digit growth across segments and mark-to-market gains from customs duty changes.
• Eyewear and watches: Eyecare registered 21% growth driven by higher average ticket sizes and multiple-item purchases, while analog watches grew in the mid-20% range following retail network expansion and new product launches.
• Festive season outlook: Second-quarter momentum faces potential softness in September due to the festive calendar shifting major events like Navratri and Durga Puja into October, though the three-to-four-year outlook for healthy double-digit growth remains intact.
• Damas business impact: Geopolitical tensions and lower tourist footfall in the Middle East led to quarterly losses and a pause on retail expansion for Damas, but management noted it accounts for less than 2% of consolidated business and is offset by strength in CaratLane and US operations.