Titan Industries surged 3.87% to Rs 265.60 at 15:14 IST on BSE after net profit rose 3.7% to Rs 186.65 crore on 1.4% growth in income from operations to Rs 2258.29 crore in Q2 September 2013 over Q2 September 2012.
The Q2 result was announced during trading hours today, 31 October 2013.
Meanwhile, the S&P BSE Sensex was up 135.30 points or 0.64% at 21,169.27.
On BSE, 3.96 lakh shares were traded in the counter as against average daily volume of 3.64 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 4.28% at the day's high of Rs 266.65 so far during the day. The stock lost as much as 1.81% at the day's low of Rs 251.05 so far during the day. The stock hit a record high of Rs 313.60 on 30 November 2012. It hit a 52-week low of Rs 200 on 13 June 2013.
The stock had outperformed the market over the past one month till 30 October 2013, surging 10.17% compared with the Sensex's 8.54% rise. The scrip had, however, underperformed the market in past one quarter, sliding 1.1% as against Sensex's 8.71% rise.
The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Re 1.
Titan Industries said that the Watch and Eyewear businesses of the company, with a decent import content, continued to be affected by input cost increases and adverse currency movements. Despite the import cost challenge, the margins were well managed, Titan said.
The income for Watches was Rs 442.36 crore in Q2 September 2013 as compared to Rs 471.79 crore a year ago. On the other hand, jewellery business recorded an income growth of 4.3% to Rs 1798.07 crore in Q2 September 2013 over Q2 September 2012. Other businesses of the company comprising Precision Engineering, a B2B business, the Eyewear business and accessories grew by 17.2% in Q2 September 2013 over Q2 September 2012. The combined income of these businesses was Rs 114.07 crore in Q2 September 2013 as against Rs 97.37 crore in Q2 September 2012.
Mr. Bhaskar Bhat, MD, Titan Industries said, "This was a challenging quarter on account of weak consumer sentiments, particularly for discretionary purchase categories like Watches and Jewellery. The continued inflation and the weak rupee are affecting demand as well as costs and interest rates that continued to be at high levels. Regulatory issues on gold created a high demand supply gap in the market. The first half numbers for Titan Company looks healthy on the back of a good first quarter. Given the good monsoon across the country and a likely change in consumer sentiment driven by stock market movement, we are hopeful of a good second half".
Titan Industries retails branded gold jewellery under the brand name Tanishq. It sells watches under a premium brand Titan and economy brand Sonata.
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