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Within minutes of trading, the shares of
It was trading at Rs 2,151.60 per piece with a gain of 6.86 per cent. The company ordered an m-cap of just Rs 1.91 lakh crore as compared to an m-cap of Rs 1.79 lakh crore in the previous session.
Jhunjhunwala and his wife Rekha Jhunjhunwala held 5.05 per cent stake in Titan as on March 31, 2022. The shareholding figures for the June quarter are yet to be revealed. The value of this 5.05 per cent Big Bull stake stood at Rs 9,646 crore as of today, as against Rs 9,026 crore on Wednesday, up from Rs 620 crore.
Titan said its jewelery segment posted a revenue growth of 207 per cent year-on-year on a low-yield basis due to strong demand on account of Akshaya Tritiya in May. Titan added a total of 19 new stores: six Tanishq stores, 12 Mia stores in India and a new Tanishq store in Dubai.
The watch division posted 158 percent year-over-year growth, led across all brands and products. The eyewear division posted 176 percent year-on-year sales growth, led by Titan Eye Plus and business and distribution channels.
Titan’s Q1FY23 business update shows 3-year consolidated revenue at 22 per cent CAGR, it said.
“In our view, a strong Q1 should upgrade the consensus estimates. However, given the near-term volatility due to recent customs duty hikes and high inflation, we do not see material changes to our projections at present. We have a ‘Buy’ rating on Titan with a target of Rs 2,530,” Emkay Global said. Titan continues to be the leader in largecap consumption segment, with strong earnings growth visibility and 20 per cent compounding over the long-term.
Motilal Oswal said, “In the jewelery industry, which is organizing at a rapid pace, Titan is clearly at the forefront of organized players leading this growth.”
“It has a long runway for growth with a market share of 6 per cent. Unlike other high-growth categories, the competitive intensity of organized and unorganized peers in jewellery is quite weak.”
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)
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