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ICICI Securities Report
Titan Company Ltd.’s Q2 FY21 jewellery sales declined just 2%, however, adjusting for the ineffective hedge, sales declined 16%.
More importantly, adjusting for one-offs, jewellery Ebit margins declined only 170 basis points to 9.2% despite an inferior product mix.
Potential growth drivers are -
- boost to volumes from (somewhat) stable gold prices,
- consumers (likely) accepting higher gold prices and expecting further inflation and
- market share gains (liquidity challenges for smaller competitors).
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