Titan shares gains 11 percent on strong Q2 biz update
Published On: Thursday, October 7, 2021 | By: Team KnowMyStock
Shares of Titan rallied 9 percent and hit a new high of Rs 2,384 on the BSE in Thursday’s intra-day trade after the company reported a strong 78 percent year-on-year (YoY) revenue growth in the July-September quarter (Q2FY22). The watches and wearables segment registered 73 percent growth and the eye-wear business was up by 74 percent YoY. The stock of Tata group company surpassed its previous high of Rs 2,205.65 on Tuesday, October 5, 2021.“The company witnessed a strong recovery in demand after the second wave across its consumer businesses with sales moving swiftly above or close to pre-pandemic levels in most of the divisions. Most stores are now fully operational barring a few in select towns having localized restrictions, with overall store operation days exceeding 90% for the quarter
"Titan’s Q2 business update highlights a robust recovery and a strong performance across divisions, with the jewelry division reporting a two-year CAGR growth of 32 per cent. Network expansion was also accelerated during the quarter. Full unlocking and the forthcoming festive/wedding season are likely to further boost revenues in the coming quarters and may offer more upsides, in our view," it said while upping its FY23 and FY24 EPS estimates by 8-12 per cent.
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