Sharekhan's research report on Titan Company
Titan Company’s (Titan’s) Q2FY2025 numbers were affected by lower margins in the jewellery business. Consolidated revenues grew by 16% y-o-y; adjusted PAT stood flat y-o-y. Festive and wedding jewellery demand has been strong in Q2 and is likely to sustain in the quarters ahead. Adjusted margin of jewellery business to be at 11-11.5% in FY2025. Watches to continue good growth momentum, with margins of 13-14%. With improvement in scale of emerging businesses, profitability would improve.
Outlook
Stock trades at 73x/57x/48x its FY25E/FY26E/FY27E earnings, respectively. We maintain a Buy with a revised PT of Rs. 3,745.
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