This Rakesh Jhunjhunwala favourite company just reported stellar quarterly results for Q1FY23!
The company recorded its second-best quarterly revenue in Q1FY23.
Titan Company Limited on August 5 (Friday) reported a phenomenal rise in its Q1FY23 net profit at Rs 793 crore as compared to Rs 61 crore in the same quarter last year. Its total revenue from operations jumped to Rs 8,961 crore as compared to Rs 3,249 crore year-on-year (YoY).
The company said that it recorded its second-best quarterly revenue in Q1FY23, supported by strong festive demand in a near-normal Q1 that came after a gap of two COVID disrupted periods of Q1 FY21 and Q1FY22.
The company's jewellery business registered an income of Rs 7,600 crore in Q1FY23 compared to Rs 2,467 crore in Q1FY22 (excluding bullion sales), a growth of 208 per cent riding on good Akshaya Tritiya sales. Meanwhile, other seasonal festivities sales also contributed to the sales mix.
Besides, the company added (net) 125 stores during the year. Titan's retail chain (including CaratLane) has 2,303 stores across 366 towns with an area exceeding 2.9 million sq. ft as of June 2022.
Titan Company's shares climbed a per cent to Rs 2,452 apiece on BSE on Friday afternoon after the company reported a strong set of Q1 results for FY23. The scrip has gained over 20.58 per cent in the past month itself. The shares of Titan ended at Rs 2,432.55 per share on BSE.
Do not miss the action in this stock in future trading sessions.