Shares of Titan Company rose 2 per cent intraday after the luxury goods firm reported a multi-fold rise in Q1 net profit.
Titan Company reported a consolidated profit of Rs 785 crore in the last quarter mainly on low-base effect. The company had posted a net profit of Rs 20 crore in the year-ago period, which witnessed a hit from the outbreak of COVID-19 pandemic. Sequentially, Titan’s net profit rose 54 per cent from Rs 510 crore in the previous quarter (Q4FY22).
Shares of Titan Company rose up to 2 per cent to Rs 2,471.70 after the firm announced its Q1 earnings. The stock was trading flat before the earnings were announced. Later, the stock erased all gains and was trading flat at Rs 2,436 at 3:04 pm.
Earlier, Titan Company stock opened at Rs 2,430 against the previous close of Rs 2,423.20 on BSE. The stock, which forms part of ace investor Rakesh Jhunjhunwala’s portfolio, has gained 34.54 per cent in a year but lost 4.13 percent in 2022.
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The Jhunjhunwala couple owned 5.05 per cent stake in the firm for the quarter ended June 2022. While Jhunjhunwala owned 3.98 per cent stake or 3.53 crore shares of the company, his wife Rekha Jhunjhunwala held 95.40 lakh shares or 1.07 percent stake at the end of the June quarter.
A total of 0.49 lakh shares of the firm changed hands, amounting to a turnover of Rs 12.06 crore.
Market cap of the firm rose to Rs 2.15 lakh crore on the BSE.
The stock hit a 52-week high of Rs 2767.55 on March 21, 2022 and a 52-week low of Rs 1,764.25 on August 5, 2021 .
Total income in the last quarter zoomed 199 percent to Rs 8,649 crore compared to Rs 2,890 crore of Ql FY22 (excluding bullion sale). The company said it also logged one of the highest profits of Rs 1,066 crore (before taxes) for the quarter in comparison to Rs 82 crore in Ql FY22.
The firm clocked a three-year CAGR of 20.1 per cent on the back of growth witnessed in all businesses.