Further, the revenue came in at 3-year CAGR of 20.5 per cent over Q1FY20. The business in April-June 2022 was near normal after a gap of two years, the company said.
The stock has rallied 11 per cent in the past two trading days, and 19 per cent from its 10-month low of Rs 1,827 touched on July 1 in the intra-day trade. However, in the past three months, Titan has underperformed the market by falling 13 per cent, as compared to 8.5 per cent decline in the S&P BSE Sensex. The stock had hit a 52-week high of Rs 2,768 on March 21, 2022.
At 09:38 am, Titan was trading 6 per cent higher at Rs 2,127.30, as against 0.67 per cent rise in the benchmark index.
In Q1FY23, jewellery revenue nearly tripled, clocking a growth of 207 per cent. The Division had a good start to FY23 with robust sales on the auspicious occasion of Akshaya Tritiya in May month after 2 years of Covid induced lockdowns in this period. Both walk-ins and buyers grew in-line with revenues whereas ticket size marginally improved compared to Q1FY22, Titan Company said in its exchange filing. READ HERE
Meanwhile, watches & wearables division achieved its highest-ever quarterly revenue in Q1FY23, growing 158 per cent YoY with healthy growth witnessed across all brands and products. The key channels of Multi-Brand Retail (MBR), Titan World and Large Format Stores (LFS) continued on their growth trajectory from FY22. The wedding season drove demand for all brands in Apr’22 and May’22, it said.
"In the Jewelry industry, which is organizing at a rapid space, Titan is clearly at the vanguard among organized players in leading this growth. Its runway for growth is long, with a market share of around 6 per cent. Unlike other high-growth categories, the competitive intensity from organized and unorganized peers in Jewelry is considerably weaker," Motilal Oswal Financial Services said in a stock update.
"Titan remains our top pick in the largecap Consumption space in India, with strong earnings growth visibility and compounding by ~20 per cent for an elongated period of time," the brokerage firm added.
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