Sharekhan's research report on Titan Company
Consolidated revenue grew by 11.2% y-o-y driven by a 10.6% growth in the standalone jewellery business and strong growth of 34% and 69% clocked by subsidiaries TEAL and Caratlane, respectively. Despite higher gold prices, the company maintained its margins of jewellery business at 13%; overall reported OPM improved by 74 bps to 12% (comparable OPM stood flat 11.2%). The management has guided for an 11-13% growth in the jewellery business in Q4FY2020.
Outlook
We have fine-tuned our earnings estimates for FY2021 and FY2022 and maintain our Buy recommendation with a revised PT of Rs. 1,500.
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