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ICICI Direct Report
In its preview of Q2 FY21, the management indicated Titan Company Ltd.’s jewellery division saw a sharp recovery in Q2 FY21, signifying the inherent strength of the business model.
Jewellery sales have now reached 98% of pre-Covid-19 levels (on a comparatively lower base), which were higher than the management’s expectations of 80% recovery rate.
Despite various headwinds, Titan continued on its store addition spree by opening 14 Tanishq stores in H1 FY21 (eight stores added in Q2 FY21).
The liquidity stress faced by regional unorganised players can play out as an opportunity for Titan.
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