Shares of Titan rose 0.83% to Rs 2,676.1 on May 4 after the company planned a dividend of Rs 10 per share, up 50% in its standalone net profit to Rs 734 crore for Q4FY23 against a net profit of Rs 491 crore in Q4FY22. The revenue from operations increased 25% to Rs 8,753 crore in the quarter under review from Rs 6,977 crore in the preceding year.

In the March quarter, Titan’s jewellery division zoomed 24% to Rs 7,576 crore. In contrast, the watches and wearables segment logged a revenue of Rs 871 crore, up 40% amid robust growth in the analogue watches segment and a multi-fold increase in wearables. Titan shares rose 6% in a month and over 17% in the previous year.

Motilal Oswal analysts said that Titan has an outstanding track record exceeding its peers, with superior short-term growth prospects and exceptional long-term growth potential. The brokerage firm repeats a “buy” rating with a target price of Rs 3,080.

Kotak Institutional Equities said they raised their jewellery growth forecast to factor in the demand recovery and slightly upsurge margins.