Motilal Oswal's research report onTitan Company
EBITDA grew 32.3% YoY to INR4.8b (est. of INR4.3b) and recurring PAT increased 31.9% YoY to INR3.3b (est. of INR3.0b). Consol. segmental performance: (a) Reported Jewelry sales rose 6.3% YoY to INR36.4b, with segment margin up 110bp YoY to 10.5%. (b) Watches sales grew 15% YoY to INR6b, with a sharp EBIT margin improvement of 900bp to 16.7%.
OutlookHigh valuations are fully deserved for a business that has perhaps the best top-line growth potential in the large cap FMCG/retail space and also has improving outlook on margins. Maintain Buy with an unchanged target price of INR1,130 based on 52x Jun'20E EPS (25% premium to three-year average P/E).
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