Tech Mahindra and Wipro have tumbled over 30 per cent, while Apollo Hospitals Enterprise and Dr. Reddy's Laboratories have plummeted 22 per cent so far in calendar year 2022 (CY22)
Titan's jewellery division's revenue growth trajectory disappointed due to the dual impact of Omicron Covid variant in Jan and a sharp rise in gold prices in March deferring customer purchases.
Tata group firm Titan Company Ltd on Tuesday reported a 7.21 per cent decline in its consolidated net profit at Rs 527 crore in the fourth quarter ended March 2022. It had posted a net profit of Rs 568 crore in the January-March quarter of FY21, Titan Company said in a regulatory filing. Its total income was up 4.25 per cent to Rs 7,872 crore during the period under review as against Rs 7,551 crore in the corresponding period of the preceding fiscal. The company's revenue from sales of products was down 1.14 per cent to Rs 7,267 crore in the fourth quarter of FY22 as against Rs 7,351 crore a year ago. Titan's total expenses were at Rs 7,165 crore in Q4 of FY22, up 5.04 per cent from Rs 6,821 crore a year ago. "Q4 FY22 ended with a satisfactory performance despite partial lockdowns, volatility in gold prices and uncertainty in a fragile geo-political situation," said Titan, adding, "Excluding bullion sale, revenue declined by 2 per cent compared to Q4 FY21." Titan's revenue from .
Most brokerages are positive on the long term prospects of the stock
The plain jewellery category bore the brunt of gold volatility in March 2022 leading to a slight decline for the quarter
Titan hit a record high of Rs 2,718.65, rallied 5 per cent on the BSE in Thursday's intra-day trade, surpassing its previous high of Rs 2,687.30 touched on January 7, 2022.
Driven by festive purchases in October and November, the jewellery business registered an income of Rs 8,563 crore with 37% growth in Q3FY22
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Jewellery stocks are likely to shine in coming months on the back of likely strong Q3 performance owing to the festive demand
Stocks hitting a 52-week high or new all-time high early in the year tend to have more legs for an upside for the rest of the year.