Buy Titan Company: target of Rs 2790: Sharekhan

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Sharekhan's research report on Titan Company

Q2FY2022 business update provides a glimpse of strong recovery in demand across key businesses with overall operational days at 90% of pre-COVID levels during the quarter. Jewellery business revenue grew by 78% y-o-y (~40% on two-year CAGR basis), led by drivers such as occasional buying, wedding demand, and higher investment in gold. Watches and eyewear business grew by 73% and 74%, y-o-y respectively. Overall revenue is expected to grow by 73% y-o-y on a consolidated basis in Q2FY2022. With strong recovery in revenue, margins are expected to increase by 335 bps to 10.2%.

Outlook

We maintain our Buy recommendation on Titan Company (Titan) with a revised PT of Rs. 2,790. Titan will be the key beneficiary of pent-up demand and consumer shifting to branded products in the near term.

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