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Titan Jumps 6% On Positive Q2 Business Update

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Shares of Titan Company Ltd rose nearly 6 percent to Rs 1,268 on Wednesday after the company said in a stock exchange filing its return to normalcy on the business front "has been progressing well."

Titan Jumps 6% On Positive Q2 Business Update
 

"There has been greater acceptance of the new normal amongst consumers and they have been getting back to many of their routine activities leading to a positive on the walk-ins to the stores and time spent in stores," the statement said.

"The Company is now gearing up to gain well from the upcoming festival season which is expected to further uplift the mood of the consumers," it added.

Titan said that its jewellery division performed "well" in the September ended quarter with a recovery rate of around 98% (excluding sale of raw gold) when compared to the same quarter last year.

"The Company continued to sell excess gold in its inventory and the quarter had a sale of Rs 390 crore of raw gold. This has helped improve the cash flow of the division significantly," it said.

14 Tanishq stores were added on net basis in the current fiscal year, with the retail space addition being 60,000 sq.ft.

The Watches & Wearables division had a recovery rate of around 55% in Q2, compared to the revenue of same quarter in last year, with a recovery of 70% in the September month.

The Eyewear division had recovery of 58% in Q2, compared to the revenue of same quarter in last year, with a

recovery of 70% in the September month.

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