Shares of Titan gain 3% in early trade after Q1 update!

Yesterday, Titan Company Limited announced the quarterly update for Q1 of FY24. Today shares of the company surged by 3% in early trade and hit a fresh 52-week high at Rs 3211.10. Yesterday the scrip closed at Rs 3105.70 and today it opened at Rs 3149 and currently, it is trading at Rs 3179.60 up by 2.38%. The company has a 52-week low of Rs 2102.70. Over the past one year shares of the company have given around 49% return.

The company recorded revenue growth of 20% YoY for Q1 FY24 with all key consumer businesses exhibiting double-digit growth in the quarter. A total of 68 stores were added during the quarter taking Titan’s retail presence to 2,778 stores.

In the first quarter of FY24 compared to the same period in FY23, the jewellery segment of the company experienced a remarkable year-on-year growth of 21%. During this time, It successfully added 18 new stores, bringing the total number of stores to 559 as of June 2023.

Similarly, the watches and wearables segment also demonstrated positive growth, with a year-on-year increase of 13%. The company expanded by opening 26 new stores, resulting in a total of 1,031 stores by June 2023.

The EyeCare business achieved a YoY growth of 10% in the first quarter of FY24. Seven new stores were added to the network, contributing to a total of 908 stores by the end of June 2023.

Emerginq’s businesses division showcased exceptional performance with an impressive YoY growth rate of 37%. Six new stores were established during this period, raising the total count to 47 stores. In Emerging Businesses, Fragrances & Fashion Accessories grew 11 % YoY.

In addition, CaratLane brand experienced significant growth as well, achieving a remarkable YoY growth rate of 32% in Q1 FY24. Eleven new stores were added to the network, resulting in a total of 233 CaratLane stores as of June 2023.

Disclaimer: This blog is exclusively for educational purposes. The securities quoted are exemplary and are not recommendatory.