Titan’s Shares Rise by Over 2% on the Back of a 9.7% Increase in September Quarter Earnings
- ByStartupStory | November 4, 2023
Shares of Titan Company Ltd, a prominent player in the jewelry and watchmaking industry, experienced a notable 2.23% surge on Friday following the company’s announcement of a 9.7% growth in its consolidated net profit for the September quarter. The stock closed at Rs 3,272.55 on the BSE and reached a high of 2.66% at Rs 3,286.70 during the trading day. Similarly, at the NSE, it registered a 2.28% gain, reaching Rs 3,274.50.
Titan Company Ltd disclosed a consolidated net profit of Rs 916 crore in the second quarter of the current fiscal year, driven by robust sales of jewelry in the domestic market. This marks a substantial increase from the net profit of Rs 835 crore recorded during the same period in the previous year, as reported in a regulatory filing by the Tata Group-managed firm.
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The company’s sales also demonstrated strong performance, surging by 25% to reach Rs 10,708 crore during the quarter under review, compared to Rs 8,567 crore in the corresponding quarter of the previous year. However, it’s worth noting that the company’s total expenses for the same period amounted to Rs 11,402 crore, reflecting a significant year-on-year increase of 41.07%.
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