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Titan Shares Jump Nearly 8% As Sales Nearly Tripled In Apr-Jun Quarter

The stock climbed 7.82 per cent to Rs 2,170.95 after a firm start on the BSE.

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Shares of Titan jumped nearly 8 per cent in morning trade on Thursday after the Tata group firm said its sales in the April-June quarter jumped nearly three-fold on a year-on-year basis.

The stock climbed 7.82 per cent to Rs 2,170.95 after a firm start on the BSE.

At the NSE, shares of the company rallied 7.84 per cent to Rs 2,171.60.

It was the biggest gainer on both the benchmark indices Nifty and Sensex.

The Sensex was trading 394.86 points higher at 54,145.83 and Nifty quoted with a gain of 123.90 points at 16,113.70.

The company's network expansion and campaigns continued to progress well throughout Q1 FY23, which was the non-disrupted first quarter in the last three years, Titan said in its quarterly updates.

"Sales in Q1 FY23 grew 205 per cent year-on-year (YoY) on a low base and clocked a 3-year CAGR of 20.5 per cent over Q1 FY20," Titan said.

While its jewellery division, which contributes around 85 per cent of its revenue, reported 207 per cent growth and added 19 new stores during the quarter, taking the total store count to 463.

"The Division had a good start to FY23 with robust sales on the auspicious occasion of Akshaya Tritiya in May month after 2 years of COVID induced lockdowns in this period. On a low YoY base, revenues nearly tripled, clocking a growth of 207 per cent," Titan said. 

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