Titan Shares gains 8 percent after Q1 result
Published On: Thursday, July 7, 2022 | By: Team KnowMyStock
Shares of Tata group firm Titan surged 8 percent to Rs 2,170.95 on the BSE in Thursday's intra-day trade after the company said its total sales in the first quarter of fiscal 2022-23 (Q1FY23) grew 205 percent year-on-year (YoY) led by strong wedding demand and a low base. Its network expansion and campaigns continued to progress well throughout Q1FY23, which was the non-disrupted first quarter in the last three years, said Titan in its quarterly updates. In Q1FY23, jewelry revenue nearly tripled, clocking a growth of 207 percent. The Division had a good start to FY23 with robust sales on the auspicious occasion of Akshaya Tritiya in May month after 2 years of Covid-induced lockdowns in this period. Both walk-ins and buyers grew in line with revenues whereas ticket size marginally improved compared to Q1FY22, Titan Company said in its exchange filing.
The watch division recorded a growth of 158 percent YoY, led by growth across brands and products. The eyewear division posted a sales growth of 176 percent YoY, led by Titan Eye Plus and trade and distribution channels.The key channels of Multi-Brand Retail (MBR), Titan World and Large Format Stores (LFS) continued on their growth trajectory from FY22. The wedding season drove demand for all brands in Apr’22 and May’22, it said.
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