Titan Company hits record high after Q1 net profit nearly doubles

The stock up 10% to Rs 616 after posted profit of Rs 238 crore in June quarter

Titan Company hit a record high of Rs 616, up 10% on BSE in early morning trade, after the company’s consolidated net profit in June quarter nearly doubled at Rs 238 crore, on back of healthy growth in jewellery business. Tata Group Company had profit of Rs 121 crore in the same quarter last fiscal.

The sales income during the quarter under review grew 42% to Rs 3,944 crore from 2,770 crore in the corresponding quarter of previous year.

“The jewellery division recorded an income growth of 54% in the first quarter to Rs 3,308 crore as against Rs 2,151 crore,” Titan Company said in a release.

The jewellery business has delivered a stellar performance due to combination of one of the best Akshaya Tritiya sales, a very successful gold exchange programme, as well as an element of advancement sales in June 2017 in anticipation of higher Goods & Service Tax (GST) rates, it added.

At 9:58 am; the stock was up 8% at Rs 604, as compared to 0.04% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 8.31 million shares changed hands on BSE and NSE so far.

So far in the calendar year 2017, the stock zoomed 85% against 21% rise in the benchmark index.