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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