Titan Shares Dip Despite Strong Q2

7 Oct 2024 , 11:00 AM

Titan shares fell more than 2.5% on Monday, despite the fact that the company announced outstanding business success for the quarter ending September 2024, beating analysts’ forecasts.

Titan shares opened 2.36% higher at a high of ₹3,750.00 per on BSE, but soon lost gains due to profit booking and were trading over 2% lower.

At 10:53 am, Titan’s shares were trading at ₹3,578 down 2.5%

Titan Company, a Tata group company, achieved 25% year-on-year (YoY) growth in Q2FY25, driven by stronger-than-expected performance across most business sectors. The company added 75 locations (net) during the quarter, bringing its total retail network presence to 3,171 stores.

Domestic jewellery operations gained 25% year on year in Q2, following a very soft Q1. The non-solitaire studded segment grew by high double-digits, while the solitaire segment declined due to price uncertainty and demand supply dynamics in international markets, resulting in overall studded sales growth in the low double-digits for the quarter, Titan Company said in its Q1 business update.

Domestic demand for watches and wearables increased by 19% year on year. Analog’s revenue growth was over 25% year on year, driven by increases in both volume and value. EyeCare’s domestic business gained 6% year on year, while Taneira’s revenue in Emerging Businesses increased 11% year on year.

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