Titan Company gains on reporting 25% growth in revenues in Q4FY23

Titan Company is currently trading at Rs. 2565.75, up by 17.00 points or 0.67% from its previous closing of Rs. 2548.75 on the BSE.

The scrip opened at Rs. 2565.00 and has touched a high and low of Rs. 2602.10 and Rs. 2560.05 respectively. So far 29212 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2790.00 on 31-Oct-2022 and a 52 week low of Rs. 1827.15 on 01-Jul-2022.

Last one week high and low of the scrip stood at Rs. 2602.10 and Rs. 2513.05 respectively. The current market cap of the company is Rs. 230322.80 crore.

The promoters holding in the company stood at 52.90%, while Institutions and Non-Institutions held 28.83% and 18.26% respectively.

Titan Company has recorded another quarter of healthy double-digit growth across all of its key businesses. The revenues grew by 25% Year-on-Year (YoY) aided by higher growth contributions from Watches & Wearables and Emerging Businesses. The base quarter of Q4FY22 carried the adverse impacts of partial lockdowns due to the Omicron wave and weak consumer sentiments caused by a fragile geo-political situation due to onset of Russia-Ukraine war.

Its Jewellery division clocked 23% YoY growth over a partially disrupted base quarter of Q4FY22. The robust performance was majorly led by buyer growths, both new and repeat, and increase in ticket size. Its Watches & Wearables division grew 41% YoY where growth was underpinned by strong growth in analog watches segment and almost tripling of Revenues from wearables. EyeCare division recorded a healthy sales growth of 22% YoY. The network expansion carried out during the course of the year helped Titan Eye+ stores achieve healthy double-digit growth YoY.

Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.