Buy Titan Company: target of Rs 1350: Sharekhan
Sharekhan is bullish on Titan Company has recommended buy rating on the stock with a target price of Rs 1350 in its research report dated October 28, 2020.
November 02, 2020 / 03:06 PM IST
Sharekhan's research repor on Titan Company
Titan’s standalone business recovered to 89% (consolidated recovered to 98%) with the jewellery business growing by 9% in Q2FY2021; watches and eyewear business recoveredto 56% and 61%, respectively. Consolidated OPM declined 433 bps to 6.9%, affected by hedging loss and lower operating leverge. Operating profit was down 40% to Rs. 313 crore. Higher demand during the festive season and improving wedding demand will help Titan post sustained recovery in the jewellery business going ahead. We have fine-tuned our estimates for FY2021 to factor in lower-than-expected OPM. We have maintained them for FY2022/FY2023E.
We maintain Buy with a revised PT of Rs. 1,350.
For all recommendations report, click here
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