Titan Share Price: Titan s shares plummeted by nearly 7% as it reported a 7% YoY increase in standalone net profit at Rs 786 crore. Despite a 17% YoY growth in net sales to Rs 10,047 crore and a dividend recommendation of Rs 11 per share for FY24, EBIT margins dipped.
On Thursday, Titan reported a 9% year-on-year (YoY) growth in its standalone net profit at Rs 1,040 crore in the third quarter. It was Rs 951 crore a year ago. The profit figure was lower than the ET NOW poll estimate of Rs 1,159 crore. Revenue from operations jumped 20% YoY to Rs 13,052 crore in the reporting quarter, compared with Rs 10,875 crore in the last year quarter.
Shares of Titan, Tata Group s jewellery-to-eyewear brand, reached a new all-time high of ₹3,776 apiece after reporting a 22% year-on-year growth in revenue for Q3FY24.
In the last five years, Titan s stock has more than tripled investors wealth. While the growth has moderated (30%) in the last one year, it still beat the benchmark Nifty, which gained about 7% in the same period.
Titan s core domestic business has a long runway for growth, according to analysts. Market expansion, buoyant gold prices, and robust demand during the wedding season will boost profitability