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Prabhudas Lilladher Report
We are increasing FY22/23/24 earnings per share of Titan Company Ltd. by 7.3%/0.1%/1.1% given-
strong demand recovery across verticals,
operating leverage led margin expansion in Jewellery
all time high margins in eyewear led by business model restructuring and benefits of backward integration of past few years.
We believe that -
strong wedding jewellery demand, improved mix and benefits of hallmarking in jewellery
aggressive store expansion of 250-300 in eyewear and
acceleration in store openings in watches and
scale up in emerging businesses like Taneira and wearables will be major growth drivers for Titan Company going forward.
We continue to remain positive on the long term structural story on account of market share gains, strong balance sheet, franchisee based model and strong brand.
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