Jewellery Stocks Shine Bright On Good Business Update For Q1Fy23

In a vibrant market with Nifty hitting 16,200 intra-day, jewellery sector is also shining bright. This is as on the low base, companies reported better business update for the quarter ended June. For Titan, the quarter stood strong with revenues nearly tripling and clocking a 270% growth. "Growth in plain gold jewellery was nearly three-times whereas studded sales were comparatively higher on a y-o-y basis. Studded mix was better than last year and comparable to pre-Covid levels seen during this quarter," the company said in its quarterly updates.

Also, the company revealed that in comparison to the same quarter last year, there has been gain in the ticket purchase size, which is another overwhelming piece of news from watches to jewellery company. There has been seen growth in the company considering its store expansion plans and also the company sees growth going forward.

Though trading soft in trade today, Kalyan Jewellers also provided for robust business update. The company has been holistically logging good growth and iterated that its last 12 months growth has been around 35% higher than the full-year revenue of the financial year 2019-20.

Kalyan is a low priced scrip currently trading below Rs. 65 per share.

Also, as these companies are expected to see growth in operating profits by 12-15% next fiscal, the credit outlook remains stable.