Titan loses sheen as Street wakes up to reality of weak Q1 earnings
Investors were disappointed that cost savings turned out to be lower than anticipated
The management outlook and like-to-like growth in July were weaker than the Street’s expectations
The Titan Co. Ltd stock lost some more of its shine after reporting lacklustre results for the June quarter. Total operating revenue (including bullion sales) declined by 62% year-on-year (y-o-y) to ₹1,862 crore, primarily due to a 71% drop in Titan’s mainstay jewellery business. But Titan had already indicated how revenues panned out for the quarter in a pre-earnings update. The Street was disappointed that cost savings turned out to be lower than anticipated.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started