Titan Company shines on reporting 18% growth in overall sales in Q2FY23

Titan Company is currently trading at Rs. 2730.05, up by 136.35 points or 5.26% from its previous closing of Rs. 2593.70 on the BSE.

titan company inches up on the bse
Titan Company

The scrip opened at Rs. 2685.00 and has touched a high and low of Rs. 2744.30 and Rs. 2681.00 respectively. So far 66785 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. 1827.15 on 01-Jul-2022.

Last one week high and low of the scrip stood at Rs. 2744.30 and Rs. 2556.05 respectively. The current market cap of the company is Rs. 230265.10 crore.

The promoters holding in the company stood at 52.90%, while Institutions and Non-Institutions held 28.19% and 18.91% respectively.

Titan Company has witnessed healthy double-digit growth across most businesses with overall sales growing 18% Year-on- Year (Y-o-Y). Retail network continued the pace of expansion adding 105 stores (net) for the quarter. The outlook for festive season (from Navratri in end September 2022) continues to be optimistic and is visible in positive consumer sentiment across categories. Its Jewellery division grew 18% YoY on a high base of Q2FY22 that had elements of pent-up demand and spillover purchases of a Covid disrupted Q1FY22.

Its Watches & Wearables Division grew 20% YoY, clocking its highest quarterly revenue. The strong tailwind demand led by a desire to own more premium I differentiated watches helped brand Titan grow fastest in the watches category (assisted by higher volume and average selling prices YoY).
Sales from Titan Eye+ stores saw healthy double-digit growth YoY. This, however, was offset by lower YoY sales across Trade & Distribution channel leading to an overall 7% YoY growth for the division.

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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