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Last Updated : Jun 09, 2020 09:28 AM IST | Source: Moneycontrol.com

Titan share rises nearly 3% post Q4 result; JPMorgan neutral with target of Rs 1,020

According to JPMorgan, the cost reduction measures lead to a strong EBITDA.

 
 
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Titan Company share price rose nearly 3 percent in early trade on June 9 after the company announced its fourth quarter numbers a day earlier post market hours.

The company has reported a 21 percent year-on-year growth in standalone profit due to strong operating performance and low base in the year-ago period. But higher tax expenses (up 58 percent YoY) limited bottom line growth.

Standalone profit increased to Rs 357 crore in the quarter ended March against Rs 294.6 crore in the same quarter last year.

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Revenue from operations fell 5.2 percent year-on-year to Rs 4,428.75 crore during the March quarter.

JPMorgan has maintained a neutral call on the stock with a target at Rs 1,020 per share.

According to JPMorgan, the cost reduction measures lead to a strong EBITDA.

Its jewellery segment saw a 5.8 percent revenue decline due to lockdown impact, while watches business saw 4.9 percent revenue growth in Q4 with January-February growth at 15.7 percent.

Meanwhile, its eyewear business saw a decline of 17.4 percent, it added.

At 09:19 hrs, Titan Company was quoting at Rs 1,026.70, up Rs 7.20, or 0.71 percent on the BSE.
First Published on Jun 9, 2020 09:28 am
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