Titan Company is down in the red today morning; slipping over 2.5% to an intraday low at Rs.2470.70, a one month low. Its 52-week low is at Rs.1827.15 and high is at Rs.2790 – its closer to the high than the low.
The market is disappointed with the Q3FY23 business updates of the company as it fell “below expectations.”
The company reported a 12% (YoY) growth in its standalone performance while the market had pegged it around 15-17%.
The jewellery business reported a 11% growth, watches and wearables at 14%, Eye Care at 10%, Emerging business at 75%, which comprises of fragrances, fashion accessories and Indian dress wear, Taneria.
Titan Engineering & Automation Limited (Wholly-owned subsidiary, TEAL) – Business grew 58% YoY with Automation Solutions Division growing by 50% YoY and Manufacturing Services Division (earlier called Aerospace and Defense) clocking 64% growth YoY.
CaratLane (72.3% owned subsidiary) – Business grew 50% YoY driven by gifting campaigns around the festive season from beginning of Navratri and continuing right till Bhai Dooj to capture consumer buying intent for the period. Studded growth was moderately higher than the overall growth and mix marginally higher than last year contributing to 75% of the total business.
The performance is actually quite good but its just profit booking by some market forces which has pushed down the stock price.