Titan Q2 Earnings: How will Titan’s share price respond to 25% slide in profit?

Mumbai: Tata Group Company Titan reported a 25 per cent decline in Q2 net profit to Rs 705 crore from Rs 940 crore in the year-ago period as the company incurred a one-time loss on account of customs duty to the tune of Rs 290 crore since it had purchased gold in advance, affecting their ability to recover costs. This change was effected by the Centre’s decision to slash gold import duty in the Union Budget.

Titan is a key player in the wearables market with interests ranging from jewellery to watches and even fashion in the form of the Taneira brand.

Titan Q2 revenues

Titan reported a 32 per cent rise in revenues to Rs 13,215 crore from Rs 10,025 crore in the year-ago period. The company sold gold ingots worth RS 884 crore during the period under consideration, nearly half of the Rs 1,755 crore revenues from such sales in the year-ago period, the ET reported.

Titan share price history

Titan’s share price was up 0.40 per cent on Tuesday to Rs 3,235 apiece at market closing. The company’s share price slipped 0.85 per cent in the past 5 days, and 9.87 per cent in the past month. The company’s share price slipped 1.38 per cent in the past 6 months. Titan’s share price was down 0.98 per cent over the past year, according to NSE data.

Titan share price target

Four of 5 brokerages maintain a BUY rating on Titan, with ICICI Securities maintaining a Sell rating on the wearables giant. Check ratings nd share price target from 5 brokerages below:

Dated May-Oct 2024

In its latest F&O insights on the company’s stock, brokerage Emkay Global stated that Titan’s share price could receive potential support at Rs 3,200-3,100 levels.

(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)