This Rakesh Jhunjhunwala-backed company is surging more than 5 per cent!

The company is shining after reporting robust Q1FY23 results

Titan Company Ltd is among India’s most respected lifestyle companies. It has established leadership positions in the watches, jewellery, and eyewear categories led by its trusted brands and differentiated customer experience.  

Q1FY23 was a near-normal first quarter after 2 years. Sales in Q1FY23 grew 205% YoY on a low base and clocked a 3-year CAGR of 20.5% over Q1FY20, the only non-disrupted first quarter in the last 3 years. 

Jewellery Segment: 

After 2 years of lockdowns, this division reported robust sales on the auspicious occasion of Akshaya Tritiya in May 2022. On a low YoY base, Revenues nearly tripled, witnessing a growth of 207%. 

Watches & Wearables 

The division achieved its highest ever quarterly revenue in Q1FY23, growing 158% YoY with vigorous growth across all brands and products. The Wearables growth nearly quintupled on a low YoY base in the latter half of FY22. 

EyeCare 

The division’s growth of 176% YoY was led by both Titan Eye Plus (TEP) and Trade & Distribution channels. The company’s aim to reach 1,000 TEP outlets pan-India by end of FY23 accelerated with 56 new store additions for the quarter. 

Other Businesses — Fragrances & Fashion Accessories, Indian Dress Wear Growth in Trade, LFS, and E-commerce channels contributed to a 271% yearly increase for the division. Individually, Fragrances grew at 262% YoY, whereas Fashion Accessories grew 293% YoY. Indian Dress Wear sales grew nearly seven times for the quarter (608% YoY).

Key Subsidiaries: 

Titan Engineering & Automation Limited (TEAL) (Wholly-owned) The Business grew by 35% YoY with both the divisions, Automation Solutions (AS) and Aerospace and Defence (AD) growing in line with the overall Revenues. 

CaratLane (72.3% owned) 

CaratLane achieved its highest ever sales on the day of Akshay Tritiya, 20% higher than Dhanteras of 2021. The company has a 52-week high of Rs 2767.55 and a 52-week low of Rs 1661.85. Currently, the scrip is trading at Rs 2128.65, an increase of  5.72 per cent.