Titan shares jump on strong Q2 growth, analysts maintain their bullish stance

Titan Q2 growth: Titan said its store addition pace was strong as well. Retail network continued the pace of expansion adding 105 stores for the quarter. Maximum addition at 35 stores was for its eyecare business while jewellery and watch business followed with 25 and 23 stores, respectively.

Shares of Jewellery and watchmaker Titan Company zoomed in the early trade on October 7, after the firm reported strong growth in sales for September quarter, springing a positive surprise for investors.

The Company witnessed healthy double digit growth across most businesses with overall sales growing 18 percent YoY Titan said in a regulatory filing.

At 9:56am, the stock was trading 5.18 percent higher at Rs 2728 apiece on the BSE, while the benchmark Sensex was at 58,132.09, down 90.01 points or 0.15 percent.

The jewellery division of the company grew 18 percent YoY on a high base of Q2FY22 that had elements of pent up demand and spillover purchases of a Covid disrupted Q1FY22. Gold jewellery clocked low double digit growth whereas studded sales were higher than the overall division driven by good activations and better contribution from high value purchases, the company said.

The watch business grew 20 percent YoY, clocking its highest quarterly revenue. Titan said the strong tailwind demand led by a desire to own more premium watches helped the brand grow fastest in the watches category, assisted by higher volume and average selling prices YoY.