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    Titan: COVID uncertainty clouds near-term outlook, wait for better entry price

    The Titan management refrained from offering FY22 revenue guidance due to uncertainties on account of the second wave of COVID-19. Valuations are at premium to historical averages

    Bharat Gianani
    April 30, 2021 / 10:55 AM IST
    Titan: COVID uncertainty clouds near-term outlook, wait for better entry price

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    The March 2021 quarter results of Titan (CMP: Rs 1,506, Market Capitalisation: Rs 133,727 crore) were in line with Street expectations. Revenue growth, driven by improved consumer sentiments and the low base of the corresponding quarter last year, saw an acceleration. Margins were affected by adverse mix and one-off charges on higher customs duty on gold taken on lease before the Union Budget. While Q4 results were strong, a huge surge in COVID-19 cases have led to lockdowns and restrictions in...

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