The shares of Titan company on Monday (July 8) dropped over 3 per cent in the early morning trading amid the release of its Q1FY25 business updates released on July 5. The report highlighted weaker growth in its Jewellery segments,
The shares of the company plummeted by as much as 3.46 per cent, hitting Rs 3,156.15 on the BSE and also marking the fifth consecutive session of decline.
As of 1:20 pm IST, the shares of the company were trading at Rs 3,144.45, down by 3.81 per cent.
Impact of High Gold Prices
According to the regulatory filing released by the company on July 5, the company reported a 9 per cent year-on-year (YoY) growth for the first quarter of FY25.
However, its domestic jewellery operations grew only 8 per cent YoY, affected by rising gold prices and a reduced number of wedding days.
Mixed Performance Across Segments
The Watches & Wearables segment saw a 14 per cent YoY growth in domestic business, with analog watches performing strongly at 17 per cent YoY growth.
However, the wearables segment saw a 6 per cent YoY decline.
EyeCare’s domestic business grew by 3 per cent YoY and Titan's emerging businesses presented a mixed performance. Caratlane performed well, growing 18 per cent YoY, while other segments like Taneira and Fragrances & Fashion Accessories grew by 4 per cent YoY each, the company added in the exchange filing.
