Titan Soars to 52-Week High Amid Strong Q1 Results
Titan Company's shares rose nearly 3% on Monday in India, reaching their 52-week high of Rs 5,121.30 before trading at around Rs 5,057.
The stock's strong performance was driven by its June-quarter results, which showed a 63% year-over-year jump in consolidated net profit to Rs 1,777 crore and a 40% rise in total income to Rs 20,753 crore.
The jewelry business remained the biggest growth driver, with revenue from the portfolio increasing 43% year-over-year to Rs 18,253 crore, excluding bullion and digital gold sales. Citi attributed the strong performance to festive purchases, Akshaya Tritiya sales, and exchange programs, as well as a relatively stable gold price environment during the quarter.
Motilal Oswal retained its Buy rating on Titan, saying the company continues to outperform other branded jewelry players due to its competitive positioning in sourcing, studded jewelry, focus on younger consumers, and reinvestment strategy. The brokerage also sees room for margins to improve as the contribution from gold-coin sales declines and the mix of studded jewelry increases.