TITAN SHARE PRICE FALLS NEARLY 5% AFTER Q4 RESULTS: WHAT BROKERAGES SAID ON RAKESH JHUNJHUNWALA-BACKED STOCK
Titan share price: Shares of Titan company fell almost 5 per cent on BSE today (May 6). This come as the company reported weaker-than-expected March quarter results. Titan share price opened at ₹3,481.10 against its previous close of ₹3,535.40. It then declined 4.8 per cent to the level of ₹3,366.65.
Titan Q4 results
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Titan reported a 5 per cent year-on-year (YoY) rise in consolidated net profit of ₹771 crore for the quarter that ended on March 31. Total income for the quarter rose 22 per cent YoY to ₹11,472 crore while the company's EBIT grew by 10 per cent YoY to nearly ₹1,192 crore. The company's Jewellery segment's quarterly income grew 19 per cent YoY to nearly ₹8,998 crore. Segment 'Watches & Wearables' total income for the quarter stood at ₹940 crore.
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Brokerages on Titan stock
Brokerages slashed their target prices on Rakesh Jhunjhunwala-backed Titan Company stock. On Titan's Q4 results, Goldman Sachs said that the strong revenue growth sustained but the competitive intensity ahead will cap the company's margin expansion potential for FY25.
Emkay Global noted that jewellery topline growth is healthy at 20 percent but the margin miss is a factor of high competition and higher gold mix.
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UBS said the demand environment will remain weak and margins are likely to be impacted by high discounts and offers.
Motilal Oswal noted, “The near-term growth outlook appears subdued due to high gold inflation affecting demand sentiments, which is a typical trend during inflationary periods."
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2024-05-06T04:41:42Z dg43tfdfdgfd