Titan stock dips ~2% as net profit falls 4.3% y-o-y in Q1

3 Aug 2023 , 11:51 AM

Titan Company Ltd. declared a consolidated net profit of Rs 756 crore for the June quarter of FY24, a 4.3% decrease from Rs 790 crore in the same period of the previous fiscal year.

At around 11.40 AM, Titan Company was trading 1.48% lower at Rs 2,933.15 per piece, against the previous close of Rs 2,977.15 on NSE. The counter fell to an intraday low of Rs 2,883.

The company said that net profit grew sequentially by 2.7% from Rs 736 crore in Q4FY23.

According to a regulatory statement, the company’s total consolidated revenue is Rs 11,897 crore, up 25.97% from Rs 9,443 crore in the previous corresponding quarter. The revenue climbed 14.83% from Rs 10,360 crore in the previous quarter.

The company’s India business increased by 20% during the same period, owing to strong demand during Akshaya Tritiya and an appealing gold exchange scheme. Buyers increased by 14%, and average ticket sizes increased by 6% compared to Q1FY23.

The watches and wearables division earned Rs 890 crore, up 13% from Q1FY23, on the back of robust growth of 81% in the wearables market.

Titan and International brands saw significant buying momentum, registering handsome double-digit growths in the analogue market, said the company in its statement.

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