Titan‘s share price jumped back in the green to start the fresh week on Monday after the company posted its Q4 business updates last week.
What Happened: The watch to jewellery major last Thursday (April 6) posted its business updates for the final quarter of FY23. The company said that “revenues grew by 25% year-over-year aided by higher growth contributions from Watches & Wearables and Emerging Businesses.”
The company’s all major segments saw double-figure growth. Revenues in the Jewellery segment grew 23% YoY, Watches & Wearables segment saw revenue rise by 41% YoY, EyeCare witnessed 22% YoY revenue growth, Emerging Businesses’ (Fragrances & Fashion Accessories, Indian Dress Wear) revenue jumped a massive 84% YoY in Q4. Its subsidiary CaratLane also saw healthy revenue growth at 56% YoY, however, revenues at Titan Engineering & Automation Limited slumped 6% YoY.
The company added a total 173 outlets across segments/subsdiaries in this quarter. The TATA Group company’s network presence (including CaratLane) stands at 2,710 stores.
Several global analysts firm seem impressed by the updates and the growth of the company’s various segments. Goldman Sachs maintained its ‘buy’ rating for the stock with a price target of ₹3,175- over 24% upside from the stock’s last closing price of ₹2548.70. Citi also maintained its ‘buy’ rating for the stock with a target price of ₹3,091, as it remained positive on the company’s short and long-term growth prospects. Macquarie maintained the ‘outperform’ rating for the stock with a price target of ₹3,250, as it noted that growth across segments was in line with estimates.
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Price Action: Titan share price was up 0.64% to trade at ₹2,565.00 at market open on Monday.
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