Titan Company Stock Target Prices Slashed by Brokerages
Brokerages have reduced their target prices on the Titan Company stock after the company’s Q4 results failed to meet expectations. Titan reported a standalone net profit of Rs 786 crore for the January-March quarter, reflecting a growth of 7% compared to the previous year. However, a Moneycontrol poll had projected a 10.5% increase in profit to Rs 811 crore. The company’s revenue for the quarter stood at Rs 10,047 crore, up 17% from the previous year, according to a regulatory filing. Brokerages had estimated the revenue to be Rs 11,054 crore.
Jewellery Segment Leads Growth
Titan’s total income from the jewellery segment witnessed a 19% increase compared to the same period last year, reaching approximately Rs 8,998 crore. The Indian business specifically experienced a growth of 20% during this time.
