BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Titan Company Ltd.’s Q4 FY22 print was below estimates; revenue/ profit after tax grew 4.0%/2.3%, while Ebitda declined 2.8%.
On a high base (up 71.3%), jewelry segment grew 2.5% (including bullion sale) but continue to witness impressive share gains, resulted in 12.7% Ebit margins (impacted due to exceptional items).
Titan's management alluded, despite Omicron, rising gold prices and consumer’s wait and approach, studded revenues grew 7%, yet wedding category declined 9%.
Golden harvest scheme enrolment grew 24%. Watches segment grew 11.8% with flat volumes. Eyewear business grew slower at 5.5%, due to distribution channel clean up. Caratlane grew 43%.
Gross margin at 25.3% (up 315 basis points); Ebitda declined 2.8% to Rs 7.9 billion impacted due to exceptional items – volunatry retirement scheme (Rs 540 million) and ex-gratia (Rs 820 million) despite Rs 1.6 billion inventory gains.
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