Titan stock dips 2% despite 11% yoy jewellery sales growth in Q3FY23

9 Jan 2023 , 02:32 PM

Titan Company Limited stocks slipped 3% during Monday’s trading session despite bullish markets as the company’s quarter numbers failed to live up to the street expectations. 

According to the filing, the healthy consumer demand spurred by a vibrant festive season resulted in ~12% growth in combined sales YoY across Company’s standalone businesses. Also, the retail presence of the company stands at 2,362 stores as at the end of the quarter.

The jewellery division of Titan registered new buyer growths in the festive period, higher value purchases in the studded category and unique new collections for the season helped the division achieve a ~11% growth YoY (excluding bullion sales).

Further, the watches & wearables division recorded ~14% yoy growth led by strong traction in the wearables space. The Division had also initiated a retail store transformation journey across Titan World and Helios stores since mid of FY22. 

In line with the changes, 81 stores have been renovated till now in YTD FY23 offering premium experience to customers. Store expansions pan-India (net) included 24 new store additions of Titan World, 17 of Helios and 7 in Fastrack for the quarter, the company said in a statement.

On Monday, at around 2:46 PM, Titan was trading at Rs2,478.95 per share lower by Rs58 or 2.29% on the BSE. The stock touched an intraday high and low at Rs2,539 per share and Rs2,470.70 per share respectively on the BSE.

For feedback and suggestions, write to us at [e-mail]