Titan share price falls 1% a day after Q1 results; experts give thumbs up but there are concerns too
₹2,940 on BSE on Thursday a day after the company reported its June quarter (Q1FY24) scorecard which showed a dip in net profit and margin. The stock, however, pared most losses and traded just 0.19 per cent lower at ₹2,972.65 around 9:20 am. Titan's share price has jumped about 25 per cent in the last one year, significantly outperforming the benchmark Sensex which has gained about 13 per cent in the same period.
The stock hit its 52-week high of ₹3,211.10 on July 7 this year and its 52-week low of ₹2,268.90 on February 2 this year on BSE. Titan Q1 Results: Titan Company reported a revenue growth of 19 per cent for Q1FY24. The total income for the quarter on a standalone basis stood at ₹10,306 crore, while the consolidated total income reached ₹11,070 crore mark.
The EBIT for the quarter showed a slight decline of 2 per cent on both standalone and consolidated levels. The PBT before exceptional items decreased by 4 per cent to ₹1,024 crores and 7 per cent to ₹1,002 crores for standalone and consolidated figures, respectively. The PAT also saw a dip of 2 per cent to ₹777 crore on a standalone basis and 4 per cent to ₹756 crore on a consolidated basis.
Read more: Titan Q1 Results: Revenue up 19% FY23-24, EBIT declines 0.7% YoY to ₹1,103 crores Most brokerage firms retained their earlier views on the stock after Titan's June quarter numbers. Brokerage firm Motilal Oswal Financial Services maintained its buy rating on the stock with a target price of ₹3,325. "Titan’s brand-building initiatives across segments, increasing customer base, store expansions and development in international markets continued to be impressive.
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