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.
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