Weak Q1 show due to curbs in key markets may limit upsides in Titan

Analysts expect hallmarking, recovery to aid market share gains for the jewellery retailer

The Titan Company stock was down over 2 per cent in trade as June quarter operational update points to weak revenue performance due to lockdowns. After steady sales in the first three weeks of April, the company shut most stores with a gradual reopening in June.

While the contribution of April and June was at 40-50 per cent each, May accounted for only 10 per cent of jewellery segment revenues in the quarter. What has pegged back sales in June was the extended lockdowns in key southern states of Karnataka and Tamil Nadu.

Jewellery revenue growth excluding bullion sales as