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Shares of Titan Company dipped 3 per cent to Rs 1,717.55 on the BSE in intra-day trade on Wednesday after its quarterly business update of Q1FY22 highlighted that healthy growth trajectory sustained till mid-April 2021 until lockdown disrupted demand.
The company recorded revenue growth of around 117 per cent year-on-year (YoY), excluding bullion sales, in the April-June quarter of the financial year 2021-22 (Q1FY22), with revenue contribution of nearly 50 per cent, 10 per cent and 40 per cent coming from April, May and June months, respectively. The figure was, however, down 60 per cent on a quarter-on-quarter (QoQ) basis.
“The company entered the quarter with a good sales momentum. The sales were hit only to a small extent until the third week of April, from the rapidly rising second wave of the pandemic, primarily due to the temporary store closures in some important states. Thereafter, most stores were shut within a short span of time and could re-open gradually in June only, with several restrictions on operating hours and days of the week. Sale from stores that stayed open in May was muted,” Titan Company said in a quarterly update.
Stock Covered in the news
