Titan Ltd rose over 2% today morning to Rs.1130.75. It is now 3.37% away from 52 week high of Rs 1,146.30.
The company announced its quarterly update for Q4FY19 and FY19 and it has shown a third consecutive quarter of good growth.
On the jewellery front, performance was on expected lines and division grew by just over 22% in FY 19. The division added 40 Tanishq stores and closed 5, for the year, with the net retail space addition being approximately 90,000 sq. ft.
Watches division had a good year with a revenue growth of around 16%, led by launch of exciting products and refreshing collections across brands - Titan, Fastrack and Sonata, during the year. E-commerce channel has been the biggest growth driver for the division during the year.
The eye wear unit showed an increase in customers from 2.5mn to 3. 5mn in FY 19 and has ended the year with a revenue growth of around 23 % in FY 19. The division added 74 stores during the year and also closed 30 stores ending up with a net increase of about 28,000 sq. feet of retail space.
The company said it is targeting growth of 20 percent for 2019-20.