Titan shares hit a new 52-week high on strong Q1 business update; brokerages maintain bullish view
₹3,211.10 apiece on BSE. Titan Company said it registered a 20% year-on-year (YoY) revenue growth with all key consumer businesses exhibiting double-digit growth for the April-June quarter of the current fiscal. The company’s jewellery division grew 21% in Q1FY24. The key categories of gold and studded grew with no notable change in the overall product mix. Watches & Wearables Division's 13% YoY growth comprised of 8% growth in analog watches segment and 84% YoY growth in Wearables, the company said in a regulatory filing.
Read here: Titan Q1 Update: Revenue grows 20% on robust all-round performance; retail footprint expands to 2,778 stores EyeCare Division saw sales growth of 10% YoY, while in Emerging Businesses, Fragrances & Fashion Accessories grew 11 % YoY. CaratLane grew 32% YoY driven with healthy contributions from multiple avenues. During the quarter, the company added 68 stores, including CaratLane, taking Titan's retail footprint to 2,778 stores.
Global brokerage Morgan Stanley said Titan’s initial Q1 trends were strong with 20% YoY company-level growth led by 21% growth in jewellery segment. The brokerage noted that Akshaya Tritiya and wedding purchases in June led the company’s performance, despite gold price volatility. Morgan Stanley has an Overweight rating with a target price of ₹3,207 per share.
Also Read: IPO-bound Tata Play reports net loss of ₹105 crore in FY23: Report Goldman Sachs said Titan’s jewellery sales growth was stronger than expected, while its 4-year CAGR improves to 23%. It has a Buy call on the stock with a target price of ₹3,175 per share. Analysts at domestic brokerage firm Prabhudas Lilladher Pvt Ltd said that Titan Company’s Q1 jewelry performance was encouraging at a time when
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