By Aditya Raghunath
Investing.com — Brokerage firm Motilal Oswal Financial Services Ltd (NS:) increased the share price target for Titan Company Ltd (NS:) to Rs 1,800 on the back of a strong showing in Q4 FY2021. The stock is trading at Rs 1,559 as of this report which implies an upside of over 15% from current levels.
The company reported 60% revenue growth in the March 2021 quarter. It said it recorded, “revenue growth of over 36% in the comparable January & February months. Q4 reported revenue growth was further aided by a large B2B coin order that contributed 8% of the growth.”
Strong consumer sentiment thanks to the festive-and-wedding season ensured that Titan continued its business momentum from Q3 FY2021 to Q4 FY2021. It also helped that gold prices began to fall in this quarter. Gold prices are now over Rs 11,000 lower than their peak in August 2020.
Caratlane’s B2C business grew at 26% for the whole of FY2021. Brokerage firm Dolat Capital said that the company will continue to take away share from the unorganized players in the sector. The firm said that the long-term fundamentals of the company are intact and that there are no better investment opportunities in the sector, Titan will continue to command its high valuations.