Titan shares jump nearly 8 pc as sales nearly tripled in Apr-Jun quarter

Shares of Titan jumped nearly 8 percent in morning trade on Thursday after the Tata group firm said its sales in the April-June quarter jumped nearly three-fold on a year-on-year basis.

The stock climbed 7.82 percent to Rs 2,170.95 after a strong start on the BSE.

At the NSE, shares of the company rallied 7.84 percent to Rs 2,171.60.

It was the biggest gainer on both the benchmark indices Nifty and Sensex.

The Sensex was trading 394.86 points higher at 54,145.83 and the Nifty quoted with a gain of 123.90 points at 16,113.70.

The company's network expansion and campaigns continued to progress well throughout Q1 FY23, which was the non-disrupted first quarter in the last three years, Titan said in its quarterly updates.

''Sales in Q1 FY23 grew 205 percent year-on-year (YoY) on a low base and clocked a 3-year CAGR of 20.5 percent over Q1 FY20,'' Titan said.

While its jewelry division, which contributes around 85 percent of its revenue, reported 207 percent growth and added 19 new stores during the quarter, taking the total store count to 463.

''The Division had a good start to FY23 with robust sales on the auspicious occasion of Akshaya Tritiya in May after 2 years of COVID-induced lockdowns. On a low YoY base, revenues nearly tripled, clocking a growth of 207 percent,'' Titan said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)