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Titan share price declines 2% despite decent Q1 business performance

Titan share price declines 2% despite decent Q1 business performance
July 07
14:04 2021

Watches and wearables division grew by around 280% over Q1FY21 and Eye Wear division grew by around 117% over Q1FY21.

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// else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Titan Company share price fell 2 percent in the early trade on July 7 after the company announced Q1FY22 business update.

The company recorded revenue growth of around 117% (excluding bullion sales) in Q1FY22, with revenue contribution of approximately 50%, 10% and 40% coming from April, May and June months, respectively, the company said in the release.

Jewellery division in Q1FY22 grew by around 107% (excluding bullion sales), compared to last year, primarily due to zero sales in April of last year.

Watches and wearables division grew by around 280% over Q1FY21.

In Q1, the division closed 2 stores of WOT & Fastrack each and opened 3 Helios stores, on a net basis, reducing 5K sq. ft. of retail space.

Eye Wear division grew by around 117% over Q1FY21.

The Eye Wear division accelerated its path on e-commerce and launched Titan Eyeplus’s App. It also launched Neo Progressive lens and computer glasses, exclusively for E-commerce channel.

During the quarter, the division added 6 stores on a net basis, with addition of about 1.5 K sq. feet of retail space.

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Here is what brokerages have to say about the stock and the company announced quarterly update for Q1FY22:

Morgan Stanley | Rating: Equal-weight | Target: Rs 1,358

The Jewellery sales were up 37% (adjusted for bullion sale, it’s up 107% YoY) against the first wave. However, the non-jewellery business saw a rapid recovery in walk-ins on re-opening.

CLSA | Rating: Sell | Target: Rs 1,370

The hindered by 2nd wave, company had muted topline recovery YoY. The adjusted for bullion sales, overall sales are expected to grow 51 percent.

The jewellery sales were up 37% YoY, adjusted for Bullion, it’s up 107% YoY.

Prabhudas Lilladher | Rating: Accumulate | Target: Rs 1,869

We estimate 49.5% PAT CAGR over FY21-23 and retain Accumulate with DCF based target price of Rs1869 (Rs 1663 earlier) as long term structural story remains intact on account of market share gains, strong balance sheet, franchisee based model, strong brand, and strong head start in executing strategies like customer safety and Omni Channel across product segments. Strong 3rd Wave of Covid 19 is a key near term risk to our call. Accumulate.

At 09:22 hrs Titan Company was quoting at Rs 1,736.65, down Rs 26.65, or 1.51 percent on the BSE.

The share touched a 52-week high of Rs 1,800 and a 52-week low of Rs 941.80 on 25 June, 2021 and 16 July, 2020, respectively.

Currently, it is trading 3.52 percent below its 52-week high and 84.4 percent above its 52-week low.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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