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Buy Titan Company; target of Rs 3140: Sharekhan

Sharekhan is bullish on Titan Company has recommended buy rating on the stock with a target price of Rs 3140 in its research report dated October 07, 2022.

October 10, 2022 / 17:42 IST
 
 
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Sharekhan's research report on Titan Company

Sustained demand momentum and improved footfalls in jewellery and watches businesses helped standalone revenues grow by 18% y-o-y (consolidated revenues to grow ~20%) in Q2FY2023. Jewellery business grew by 18% while watches business grew by 20%. On the flip side, the eyecare business grew by a muted 7%. Jewellery business revenues would grow at 20% with higher ticket-size sales, expansion in stores and market share gains; EBIT margins of jewellery business to sustain at 12-13%. Eyecare business would maintain profitable growth while watches business would maintain strong growth in the near term.

Outlook

The stock trades at 74.4x/59.7x its FY2023E/24E earnings. We retain our Buy recommendation on the stock with a revised PT of Rs. 3,140.

More Info

At 17:30 Titan Company was quoting at Rs 2,679.60, down Rs 50.90, or 1.86 percent.

It has touched an intraday high of Rs 2,726.85 and an intraday low of Rs 2,658.75.

It was trading with volumes of 60,074 shares, compared to its thirty day average of shares, a decrease of percent.

In the previous trading session, the share closed up 5.27 percent or Rs 136.80 at Rs 2,730.50.

The share touched its 52-week high Rs 2,767.55 and 52-week low Rs 1,827.15 on 21 March, 2022 and 01 July, 2022, respectively.

Currently, it is trading 3.18 percent below its 52-week high and 46.65 percent above its 52-week low.

Market capitalisation stands at Rs 237,891.18 crore.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Titan Company - 101022 - khan

Broker Research
first published: Oct 10, 2022 05:42 pm

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