Shares of Tata group's jewellery-to-watch major Titan gained sharply by as much as 7 per cent to the day's high price of Rs 3,222. The gains were spurred after the company released its March quarter update. 

As per the filing with the exchanges, the company clocked robust performance across segments during the review period registering 25 per cent year-on-year (YoY) growth for the quarter and 21 per cent for the fiscal year.

Jewellery division registered 24 per cent on-year growth during the period under review on the back of a significant increase in gold prices. The watch division clocked a healthy growth of 20 per cent on-year. All the key retail channels grew in healthy double digits with Helios channel registering the highest growth.

The eyecare segment, on the other hand, grew 18 per cent contributed well by both revenue and buyers. Titan Eyeplus, with its multibrand approach, registered a healthy double-digit growth driven by international brands. E-commerce is a new growth driver for the Division and is favored by consumers for affordable fashion purchases like sunglasses.

"In Emerging Businesses, Fragrances grew c.26% YoY, Fashion Accessories clocked c.12% YoY growth and Taneira 's sales were lower by c.4% YoY. 'SKINN' piloted its first experiential store in Seawoods, Mumbai. 'IRTH' opened 4 new stores in Hyderabad, Pune, Noida & Mumbai. Taneira closed 1 store in this period," added the filing.

Global brokerage Macquarie maintains an 'outperform' call on the stock with the target at Rs 4,000- implying gains of over 31 per cent over the previous close. As per the brokerage, the company registered healthy jewellery sales growth with sales coming in above estimates. Growth was led by double-digit growth in ticket size with single-digit buyer growth, it added.

The brokerage expects 20 per cent standalone EBITDA growth in Q4 and said that the healthy growth realised during the quarter is encouraging and enhances confidence in our EPS estimates. 

Morgan Stanley on the other hand maintained its 'overweight' call on the stock with the target pegged at Rs 3,876- meaning a possible upside of 27 per cent from the last close.

Citi, meanwhile, has continued with its 'neutral' stance on the watch-to-jewellery major with the target at Rs 3,550. The brokerage noted that the company's jewellery business logged healthy growth and saw margin trajectory going ahead as the key monitorable.

Titan shares in the last one year have declined as much as 20 per cent, while on a year-to-date basis it has been dragged just over 7 per cent.
 

ज्वेलरी डिवीजन सेल्स ग्रोथ 25% (YoY)
वाचेज डिवीजन में 22% की सेल्स ग्रोथ (YoY)
आईकेयर डिवीजन सेल्स ग्रोथ 19% (YoY)
कैरेटलेन ग्रोथ 19% (YoY)
कुल 72 स्टोर जोड़े, कुल स्टोर की संख्या 3312