Brokerages Bullish on RJ Portfolio Heavyweight Post Blockbuster Q1

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Brokerages Bullish on RJ Portfolio Heavyweight Post Blockbuster Q1
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The luxury products company Titan (NS: TITN ) posted a multi-fold jump in consolidated net profit during the June 2022 quarter, led by strong festive demand, while reporting its second-best quarterly revenue.

The Tata Group company’s net profit skyrocketed 1,200% YoY in the Apr-Jun period to Rs 793 crore, while total revenue from operations rallied 175.8% YoY to Rs 8,961 crore.

Titan’s total revenue in the reporting quarter soared 199% YoY to Rs 8,649 crore, with all the business segments registering whopping growth performances.

Most brokerages are bullish on the Tata stock, with Macquarie setting an outperform rating and a target price of Rs 2,900/share on the stock, an uptick of 18.7% compared to the current price. It has also raised the Y23/FY24/FY25 EPS estimates by 3%, factoring in a healthy margin strength of the watch/eyewear segment.

Domestic brokerage Motilal Oswal (NS: MOFS ) sees a strong runway for growth in Titan, stating that its medium-to-long-term earnings growth visibility is ‘nonpareil’. It notes that despite volatility in gold prices and disruptions due to Covid, the company’s CAGR remains stellar at 24% for the past five years and expects the trend to continue.

Brokerage JPMorgan (NYSE: JPM ) has upgraded the rating on Titan to ‘Overweight’, with a target price of Rs 2,800/share on a strong Q1, as per a syndicated news feed.

Ace investor Rakesh Jhunjhunwala and his wife hold a total of 5.05% stake in Titan, as of June 30, 2022.

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  • Ramachandraiah Chigurupati @Ramachandraiah Chigurupati
    Despite such wonderful results the stock fell on Monday. Why?
    Like 0

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