Titan share price rises almost 2% ahead of Q2 results
BSE on Friday, November 3 ahead of the company's September quarter earnings. The company's board is to meet on Friday to consider and approve the unaudited financial results for the second quarter and half year ended September 30, 2023. Titan share price opened at ₹3,214 against the previous close of ₹3,201.30 and rose about 1.7 per cent to the level of ₹3,256 within the first 30 minutes of trade.
Around 9:40 am, the stock traded 1.68 per cent higher at ₹3,255.20 on BSE. Titan share price has gained about 17 per cent in the last one year, outperforming the benchmark Sensex which has gained just about 6 per cent in the same period. As Mint reported, Titan is expected to report a strong September quarter performance largely driven by robust growth momentum in the Jewellery segment.
Watches and wearables are also expected to be strong growth drivers while other Emerging businesses are shaping well and EyeCare sees a double-digit growth helped by international brands. (Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) According to the estimates of brokerage firm Motilal Oswal Financial Services, Titan's revenue growth may jump 16.9 per cent YoY on account of healthy wedding and high-value studded purchases.
Gross profit margins nevertheless may decline with a rise in gold prices. The jewellery segment is anticipated to grow by 19 per cent, with a four-year/five-year revenue CAGR of 27 per cent and 21 per cent, respectively, Motilal Oswal said. Anushi Vakharia, Research Analyst, StoxBox also expects about 60 basis point moderation in margins on an annual basis due to an increase in brand-building investments and an uptick in consumer offers.
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