Titan's Strong Q4 Numbers Pulls Stock Back In Green

Titan‘s share price jumped back in the green on Thursday as the company reported its earnings for the quarter that ended in March.

What Happened: The company’s revenue from operations jumped 25% year-over-year to ₹8,753 crore in the March quarter. Revenue from the company’s jewellery business stood at ₹7,576 crore, up around 24% from the year-ago period. The watches and wearables business also reported healthy revenue growth at 40% YoY to hit ₹871 crore.

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The Tata Group company saw its net profits jump 50% to ₹734 crore, compared to the ₹491 crore profit it booked in the corresponding quarter last year. Earnings per share for the quarter stood at ₹8.27. The company has declared a dividend of ₹10/share.

The strong numbers have impressed the analysts as well. Goldman Sachs maintained its ‘buy’ rating on the stock with a price target of ₹3,175. JP Morgan also maintained its ‘overweight’ rating for the stock with a price target of ₹3,000. Global brokerage firm CLSA also maintained its ‘buy’ rating for the stock with a price target of ₹3,210. Macquarie assigned the stock an ‘outperform’ rating with a target price of ₹3,200.

Price Action: Titan’s share price was up 0.45% to trade at ₹2,665.95 as the markets opened on Thursday.

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