Titan’s share price continued to make gains for the third straight session on Monday.
What Happened: The Tata Group company extended gains after it reported its earnings for the quarter ended September late last week. The jewellery giant’s consolidated net profit was at ₹916 crore — a 9.7% increase compared to the same quarter last year, where the net profit stood at ₹835 crore. The number beat consensus estimates of around ₹870 crore.
Titan’s total consolidated revenue for the July-September period was at ₹12,529 crore. This marks a substantial 36.73% increase from the year-ago quarter, where revenues were at ₹9,163 crore.
EBITDA for the quarter amounted to ₹1,355 crore with an EBITDA margin of 11.6%. Earnings per share for the quarter was at ₹10.3.
What Are Analysts Saying? Goldman Sachs maintained its “buy” rating for the stock with a target price of ₹3,525. The analysts were impressed by the company’s performance in the Jewellery segment stating that despite the increase in competition Titan has been able to maintain its edge.
Get all the latest Share Market trends and news to set you up for the week ahead.
CLSA upgraded the stock’s rating from “outperform” to “buy” raising the price target of ₹3,948 from ₹3,540. The global brokerage said that while the company’s margins were lower on an annualised basis, it beat expectations.
HSBC also maintained its “buy” rating for the stock with a price target of ₹3,900. The firm said that its view was based on the company’s robust performance in Jewellery and the strong growth outlook.
Price Action: Titan’s share price was up 0.53% to trade at ₹3,291.75 at open on Monday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.