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Prabhudas Lilladher Report
Titan Company Ltd. reported a relatively weaker set of numbers on the back of -
volatility in gold prices (wedding category saw de-growth 9% YoY),
store lockdowns in January due to Omicron scare,
weak growth across categories as Rs 1.3 billion inventory gains in diamond were more than offset by Rs 510 million of voluntary retirement scheme and Rs 720 million of ex gratia to employees.
We believe Titan is well placed to capitalise on long term growth opportunities led by-
jewelry share gains due to network expansion, regional thrust and hallmarking benefits,
omni-channel strategy across jewelry, watches and eyewear,
new growth drivers like Caratlane, Titan Eye+, Taneira and
entry into high growth segments like wearables such as smart watches, over the head headphones and Truly Wireless earphones.
We estimate 25.3% profit after tax compound annual growth rate over FY22-24 and remain positive given structural story on account of market share gains, strong balance sheet, franchisee based model and strong brand.
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