Titan Company falls despite reporting 20% growth in standalone revenue in Q2FY24

09-10-2023 12:47 PM | Source: Accord Fintech

Titan Company falls despite reporting 20% growth in standalone revenue in Q2FY24

News By Tags | #StockMarket #Jewellery #QuarterlyResult #WatchesSector #Fashion #TitanCompanyLimited

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Titan Company is currently trading at Rs. 3272.65, down by 38.50 points or 1.16% from its previous closing of Rs. 3311.15 on the BSE.

The scrip opened at Rs. 3308.95 and has touched a high and low of Rs. 3308.95 and Rs. 3250.00 respectively. So far 31244 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 3351.55 on 18-Sep-2023 and a 52 week low of Rs. 2268.90 on 02-Feb-2023.

Last one week high and low of the scrip stood at Rs. 3319.15 and Rs. 3112.95 respectively. The current market cap of the company is Rs. 290044.18 crore.

The promoters holding in the company stood at 52.90%, while Institutions and Non-Institutions held 29.17% and 17.94% respectively.

Titan Company has reported 20% growth in standalone revenue for the second quarter ended September 30, 2023 (Q2FY24). Its jewellery division reported a revenue growth of 19%. Building on the positive first quarter momentum, domestic consumer sales (secondary) exhibited strong year-on-year growth and were led by double-digit increase in buyers and ticket sizes. Moreover, as part of its global expansion, its jewellery brand Tanishq expanded its Gulf Cooperation Council (GCC) presence by entering Qatar and adding two new boutiques in Doha.

The Watches & Wearables (W&W) Division's domestic business grew 32%. This comprises 22% growth in the Analog watches and over two-fold growth in Wearables. EyeCare segment witnessed sales growth of 12% Year-on- Year (Y-O-Y). International brands grew faster as compared to House brands. The Division added four new Titan Eye plus and one new Fastrack store in the domestic market during the quarter.

Its Fragrances & Fashion Accessories (F&FA) grew 4 per cent YoY. This was driven by 14 per cent growth in fragrances and 12 per cent growth in fashion accessories. Its Indian Dress Wear business Taneira sales grew 64 per cent YoY and the brand opened four new stores during the quarter.

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

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Titan Company falls despite reporting 20% growth in standalone revenue in Q2FY24

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