Titan shares dips 3 percent after June quarter business update
Published On: Wednesday, July 7, 2021 | By: Team KnowMyStock
Shares of Titan Company dipped 3 percent to Rs 1,717.55 on the BSE in intra-day trade on Wednesday after the watch-to-jewelry maker released a business update for the first quarter of FY22. The company recorded revenue growth of around 117 percent year-on-year (YoY), excluding bullion sales, in the April-June quarter of the financial year 2021-22 (Q1FY22), with revenue contribution of nearly 50 percent 10 percent and 40 percent coming from April, May and June months, respectively. The company’s sales were hit amid the second COVID-19 wave, which led to temporary closures of stores in key states. Jewellery division in Q1FY22 grew by around 107% (excluding bullion sales), compared to last year, primarily due to zero sales in April of last year. The watches and wearables division grew by around 280% over Q1FY21. Eye Wear division grew by around 117% over Q1FY21.
Titan Company is targeting to gain market share in the Jewellery segment due to strong focus on wedding segment, huge scope for store expansion (40-50 stores every year), and gold harvest and gold exchange schemes.
Focus on markets share gains and maintaining balance sheet strength positions Titan as one of the preferred picks in the discretionary category,” ICICI Securities said in an update.
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