Titan Company surges on reporting 20% revenue growth in Q1FY24
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Titan Company is currently trading at Rs. 3188.65, up by 82.95 points or 2.67% from its previous closing of Rs. 3105.70 on the BSE.
The scrip opened at Rs. 3149.00 and has touched a high and low of Rs. 3211.10 and Rs. 3130.00 respectively. So far 50483 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 3211.10 on 07-Jul-2023 and a 52 week low of Rs. 2102.70 on 07-Jul-2022.
Last one week high and low of the scrip stood at Rs. 3211.10 and Rs. 3027.00 respectively. The current market cap of the company is Rs. 282236.10 crore.
The promoters holding in the company stood at 52.90%, while Institutions and Non-Institutions held 28.91% and 18.19% respectively.
Titan Company has recorded revenue growth of 20% Year-on-Year (YoY) for Q1FY24 with all key consumer businesses exhibiting double digit growth in the quarter. A total of 68 stores were added (including CaratLane) during the quarter taking Titan's retail presence to 2,778 stores.
Jewellery Division delivered a satisfactory performance growing 21% YoY in Q1FY24. Buyer growth was higher than average ticket size growth for this period. Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust.
Watches & Wearables Division's 13% YoY growth comprised of 8% growth in analog watches segment and 84% YoY growth in Wearables. Brand Titan and international brands saw strong buying momentum clocking handsome double-digit growths. EyeCare Division saw sales growth of 10% YoY.
