Shares of Titan on Wednesday declined nearly 3 per cent after the company said the second COVID wave proved to be a setback for its FY'22 business plans that were made with a lot of "ambition, substantial excitement and passion". The stock dipped 2.59 per cent to Rs 1,717.55 at the BSE. At the NSE, it went lower by 2.54 per cent to Rs 1,718.
The company, however, said it is moving ahead with "calmness and composure" and is confident of overcoming all the challenges. In its annual report for FY 2021-22, the company said it is expecting that by September 2021, much of the country will be vaccinated, paving the way for some kind of normalcy in the business environment.
The company's business plans for FY 2021-22 were made with "a high level of ambition, substantial excitement and passion. The second wave of COVID-19 has come and caused a setback to those plans, but without taking away the medium-term opportunities and the advantages that those plans represented," its report commented in terms of the outlook of the company for this ongoing fiscal.
It further said that the management is approaching FY'22 with the same calmness and composure as it did in the previous fiscal and "is confident that it will be able to overcome all the challenges that come its way". The company, which primarily operates in segments such as watches, jewellery and eyewear, is expecting consumer demand to be "good" in FY'22.