Titan Company tumbles ~3% on business updates for Q4FY22
India Infoline News Service |
07 Apr, 2022 |
Titan Company Limited informed that it has ended the quarter on a satisfactory note despite Q4FY22 performance being disrupted twice - first due to the partial lockdowns caused by the Omicron wave in January, and again during the month of March in which consumer sentiments reflected an adverse impact due to (a) sharp increase and volatility in gold prices and (b) uncertainty due to a fragile gee-political situation.
The companyâ€™s underlying demand continued to be robust across all of its businesses with most segments posting yoy growth on the back of a very strong Q421 base.
It posted 12% yoy growth in the watches & wearables segment with 34 new store additions in Q4FY22 and 843 stores in FY22. While eyecare business jumped nearly 5% yoy with 51 store additions in Q4FY22 and 733 new stores in FY22.
Other businesses registered a growth of 23% yoy with 4 new stores during the quarter and 20 stores during the financial year. Whereas, the companyâ€™s jewellery business witnessed a decline of 4% yoy. It added 16 new jewellery stores during Q4FY22 and 444 stores during FY22.
Titan Company ended at Rs2,458.95 down by Rs82.3 or 3.24% from its previous closing of Rs2,541.25 on the BSE. Its scrip has touched intraday high and low of Rs2,546.50 and Rs2,452.50 respectively.