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As On 05-Mar-2021 EOD, Market Closed
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  • Titan Company gains after strong Q3 update

    Titan Company gained 1.68% to Rs 1595.10 after the company said that its jewellery division has crossed the recovery phase to growth phase.



    "Other two large divisions have also moved much closer to the full recovery,” Titan said in a BSE filing made before market hours today.

    The company created an 'International Business Division' last year to bring focus on further exploring and exploiting the opportunities outside India in a calibrated manner. 'Tanishq' opened its first boutique in Dubai during the quarter, which is also its first store outside India, and has got an excellent response from non- resident Indians and other residents in the UAE. The company's focus on cash generation continues to yield good results.

    Titan Commodity Trading has now received approval of admission of Membership as a trading member (stock broker) on Multi Commodity Exchange of India (MCX) along with SEBI approval for the same. The company is setting up its processes and is expected to commence its activities in the very near future.

    Titan said that the jewellery industry saw a resurgence in the festive season along with a pent-up demand for wedding jewellery as most of the weddings in H1 FY21 were deferred.

    The company already announced the 15% growth in the 30-day festive period from Dussera to Diwali. Fortunately, the growth trend was visible even after the festive season ended and the division has recorded close to 15% growth (excluding sale of raw gold of approximately Rs 334 crore) in Q3 FY21.

    The quarter also witnessed a well-rounded recovery with improvement in walk-ins and pick up of sale in metros, sub 1-lakh category and studded segment. The studded mix in Q3 improved though still lower than levels seen in the previous year. The division continued to see a significantly higher share of gold coin sales and very good growth in wedding jewellery sales.

    Ticket size continues to be higher due to higher gold rates and higher share of wedding related products but 100% recovery in buyers (number of invoices) is yet to be seen.

    Titan's Watches & Wearables division had a recovery rate of around 88% in Q3, compared to the revenue of the same quarter in last year. The E-commerce channel is leading the recovery with very strong absolute growth of over 30%.

    The company's Eye Wear division had a recovery of -92% in Q3, compared to the revenue of the same quarter in last year.

    Titan's Other businesses had a revenue recovery of around 80%, compared to the revenue of same quarter in last year. ‘Taneira' opened another store in Mumbai during the quarter gone by, taking the total store count for the business to fourteen covering six cities. The recovery rate for Fragrances and accessories continued to be muted due to the slow recovery of two of the biggest channels, trade and LFS.

    Titan Engineering and Automation (TEAL) had a decline of approximately 31% in Q3, with one large order currently in transit. The Automation Business has been doing well, on the back of medical devices order for detecting TB and COVID-19. The Aerospace business continues to face headwinds due to the grounding of flights due to COVID-19. The division's focus on costs and capital employed is yielding results.

    Caratlane delivered a growth of approximately 39% for the quarter and the growth turned positive on a cumulative basis for the year. This growth was driven by a strong Diwali plan and pick-up in consumer sentiment during the season.

    Titan Company is engaged in making and selling watches, jewellery, eyewear and others. The company's retail chain (including CaratLane) stands at 1,832 stores, as on 30 September 2020 with a retail area crossing 2.4 million sq ft for all its brands covering 290 towns.

    The company's standalone net profit declined 37.8% to Rs 199 crore on 11% fall in net sales to Rs 3892 crore in Q2 September 2020 over Q2 September 2019.

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Flash News 05-Mar-2021
  •  ( 15:55) Shilpa Medicare gets USFDA nod for arthritis drug  
  •  ( 15:54) Sun Pharma subsidiary to acquire 12.5% stake in WRS Bioproducts  
  •  ( 15:54) Indiabulls Housing allots $150 million foreign currency convertible bonds  
  •  ( 15:54) European shares trading lower  
  •  ( 15:53) Asian markts close on a negative note  
  •  ( 15:53) Nifty closes below 15,000 mark  
  •  ( 15:53) Coal India declares second interim dividend  
  •  ( 15:52) Sensex drops 440 pts amid weak global cues, firm crude oil prices  
  •  ( 14:13) BEML appoints Deloitte Haskins & Sells LPP as consultant for demerger of non-core assets  
  •  ( 13:35) The Nifty index holds its 15,000 mark  
  •  ( 13:34) Indices experience intense volatility; metal and bank stocks in demand  
  •  ( 11:34) PVR launches 6-screen property in Forum Centre City Mall, Mysuru  
  •  ( 11:28) Equity indices trade sideways with losses  
  •  ( 10:49) PNB Housing Finance, Yes Bank join hands to offer customized retail loans  
  •  ( 10:10) Heranba Industries lists at Rs 900 per share vs issue price of Rs 627 apiece  
  •  ( 09:52) Dilip Buildcon receives LoA for two Karnataka-based projects  
  •  ( 09:45) BCPL Railway Infrastructure bags a LoA from Railway Vikas Nigam  
  •  ( 09:29) Positive market breadth  
  •  ( 09:25) Nifty drops below 15,000   
  •  ( 09:24) ISGEC Heavy Engg. secures a deal from Shree Cement to set up boilers  
  •  ( 09:22) Wipro acquires London-based Capco for $1.45 billion  
  •  ( 09:19) Market trading lower in early trade  
  •  ( 08:15) OPEC+ extends most oil output cuts into April  
  •  ( 08:09) US stocks drop on Thursday as Powell fails to ease rate fears  
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