Buy Titan Company target of Rs 3782 Prabhudas Lilladher

Prabhudas Lilladher's research report on Titan Company

Titan reported healthy growth across segment except eyewear led by 1) 10% custom duty cut boosted jewellery sales. 2) Strong demand in watches & wearables and 3) healthy response in sub 2 lakh jewellery (Caratlane and Mia). TTAN is investing for accelerating growth by increased advertising and consumer activations along with exchange schemes, which bodes well for 2H demand. Worst seems over as demand trends in October remain strong across segments, moreover higher share of wedding jewellery and lower studded jewellery in base will also support margins. TTAN’s strategy of creating multiple growth levers is intact as 1) jewellery sub brands like Mia and Caratlane are creating a strong niche. 2) Premiumisation and focus on analog watches and 3) steady scalability in Taneira.

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