Titan Company shines on reporting three-fold jump in sales in Q1FY23

Titan Company is currently trading at Rs. 2126.55, up by 113.15 points or 5.62% from its previous closing of Rs. 2013.40 on the BSE.

titan company inches up on the bse
titan company inches up on the bse

The scrip opened at Rs. 2130.00 and has touched a high and low of Rs. 2170.95 and Rs. 2102.70 respectively. So far 100475 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 2767.55 on 21-Mar-2022 and a 52 week low of Rs. 1661.85 on 20-Jul-2021.

Last one week high and low of the scrip stood at Rs. 2170.95 and Rs. 1827.15 respectively. The current market cap of the company is Rs. 187327.32 crore.

The promoters holding in the company stood at 52.90%, while Institutions and Non-Institutions held 28.77% and 18.33% respectively.

Titan Company has reported nearly three-fold jump in its sales in the first quarter April-June quarter on a year-on-year basis, helped by a low base of the Covid-19 impacted quarter in the last year.

Its network expansion and campaigns continued to progress well throughout Q1FY23, which was the non-disrupted first quarter in the last three years.

While, its Jewellery division, which contributes around 85% of its revenue, reported 207% growth and added 19 new stores during the quarter, taking the total count to 463.

Its Watches & Wearables Division achieved its highest ever quarterly revenue in Q1FY23 growing 158 per cent YoY with healthy growth witnessed across all brands and products.

The company’s EyeCare Division reported a growth of 176 per cent YoY, which was led by its retain chain store, Titan Eye Plus (TEP) and Trade & Distribution channels.

Titan’s Other Businesses which include Fragrances & Fashion Accessories, Indian Dress Wear etc also reported growth.

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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