Titan Company had hit a new high yesterday at Rs.1858 but ended the day in the red at Rs.1799.80. And today, it opened 2.5% higher at Rs.1821.95, up 2.5% but soon profit booking came in and the stock is now is the red, trading at Rs.1780 levels.

The consolidated performance of the company was disheartening where one could see the impact of the second wave. Its net profit came in at Rs.18 crore v/s Rs.568 crore in Q4 and loss of Rs.297 crore in Q1FY21. So, YoY, it’s a turnaround, which is not surprising as last Q1 the lockdown was severe. But sequentially, the second wave too has been hard hitting.

Its EBITDA was down 83% (QoQ at Rs.137 crore while margins fell sharply from 10.9% to 3.9%.

Jewellery, which contributes 87% to the company’s total revenue was down 54% (QoQ).

Looking ahead, with restrictions easing from June, with vaccination also picking up, the company is confident of demand coming back in the ensuing quarters.