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Fashion accessories manufacturer, Titan Company, is in focus on Wednesday’s trading session ahead of its June 2021 (Q1FY22) scheduled later in the day. The stock was in a volatile session as investors bet cautiously.
At around 11.22 AM, Titan is trading at Rs1828.80 per piece down by 0.6% on Sensex.
The stock pulled back from its fresh 52-week high of Rs1858 per piece witnessed earlier in the day.
Last month, Titan announced its operational performance for the first quarter of FY22.
Titan had said that it entered the first quarter of FY22 with a good sales momentum. In Q1FY21, Titan recorded revenue growth of ~117% (excluding bullion sales) with a revenue contribution of approx. 50%, 10% and 40% coming from April, May and June months respectively.
In its regulatory filing, Titan said that 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 period and could re-open gradually in June only, with several restrictions on operating hours and days of the week. The sale from stores that stayed open in May was muted.
Notably, Titan said that the sales recovery is gradually improving across the businesses, along with the increase in the store operational days.
That said, Titan is expected to report strong earnings on the back of a low base.
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