The shares of Titan Company Limited gained marginally on Tuesday and were trading at Rs 2,486 levels. Yesterday, the shares shed approximately 2 percent after the company failed to meet the expectation of analysts.
In the October-December quarter or Q3, the company reported a growth of 12 percent whereas the street expected the company to grow by 17 per cent Year on Year as it witnessed strong wedding sales in the period.
The highest growth of 75% was seen in their Emerging Businesses segment which includes Fragrances & Fashion Accessories (F&FA), and Indian Dress Wear which is sold under the Taneira brand. Their Watches & Wearables division grew by 14% Year on Year (YoY) and was led by strong traction in the wearables space and they added 48 new stores in the period.
Their Jewellery segment saw a growth of 11% with the addition of 22 new stores and their eye care segment grew by 10% with 36 new stores in their portfolio. Wedding sales also increased during the quarter. Titan’s jewellery retail brand Tanishq opened its first international boutique store in the USA in December 2022.
Macquarie maintained an outperform rating on Titan Company with a target price of Rs 3,250 per share which represents an upside of 31 percent from the current levels.
Titan Company Limited, part of the Tata group, is an Indian company that mainly manufactures fashion accessories such as jewellery, watches, and eyewear. It stands as the largest branded jewellery maker in India.
Written by Anoushka Roy
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