Titan is the show stealer in this otherwise lackluster Monday morning. Going on to hit an almost 12-year high today at Rs.823.30, the counter has clocked robust volumes of over 9 times. It is currently the top gainer on the BSE.
The market is euphoric with its Q2FY18 performance. A quarter which is seasonally very good, given the festive demand, the company did not disappoint. On a 29% (YoY) rise in revenue at Rs.3473 crore, Titan posted a fantastic 67% jump up in net profit at Rs.278 crore. 79% of its income comes came from the jewellery segment, going to once again prove that Indian’s love gold!
The jewellery segment saw a 36% rise in revenue, with EBIT increasing by 260 bps to 13.5%. The watches segment saw a 9% rise in revenue and EBIT grew 42%.
Thanks to the 31% decline in total expenses, operating profit rose 51% at Rs.398 crore and margins expanded 160 bps to 11.5%.