Titan share price declines 2% post Q2 business update; should you buy? Here's what brokerages say about the stock

livemint.com:

Titan share price today: Titan Company share price declined almost 2 per cent in morning trade on BSE on Monday, October 9, following the company's September quarter (Q2FY24) business updates. Titan Company share price opened at ₹3,308.95 against the previous close of ₹3,311.15 and slipped 1.90 per cent to the ₹3,250 mark in the morning trade on BSE. Titan Company share price has gained about 22 per cent in the last one year, outperforming the equity benchmark Sensex which has gained about 13 per cent in the same period.

In an exchange filing on Friday, October 6, Titan said its revenue grew 20 per cent year-on-year (YoY) in Q2FY24. Besides, it opened a total of 81 stores during the quarter, taking the group’s retail presence to 2,859 stores. As per the exchange filing, Titan's jewellery segment revenue rose 19 per cent YoY in Q2FY24 while it opened 39 stores for the segment in the quarter under review.

"Jewellery division’s nearly 19 per cent YoY revenue growth was led by about 20 per cent growth in the domestic business and lower primary outgo from India to the International entities (driven by periodic inventory realignment)," Titan said. The 'Watches & Wearables' segment saw a 32 per cent YoY growth, the 'EyeCare' segment grew 12 per cent YoY and the segment of 'Emerging Businesses' rose 29 per cent YoY. "In Emerging Businesses, fragrances and fashion accessories sales grew about 4 per cent YoY.

In sub-segments, fragrances grew by nearly 14 per cent YoY whereas fashion accessories witnessed a de-growth of nearly 12 per cent YoY. Taneira’s sales grew by about 64 per cent YoY and the brand opened four new stores during the quarter," said Titan. CaratLane, in which Titan holds nearly 98.28 per cent stake on a fully