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.
Dolat Capital Report
Titan Company Ltd.’s Q4 FY22 core revenue was in-line, but including gold-ingot sales of Rs 3.8 billion, revenues came 4% higher than our estimates.
Due to lower sales of jewellery led by volatility in gold prices, Titan's margins remained lower compared to last two quarter run rate of 13-15%.
Going ahead, with the re-opening of markets, we expect sales growth to remain elevated. Higher growth in the jewellery segment would be driven by-
demand retention,
stable gold prices and
network expansion initiatives.
In Q4, studded jewellery grew up 7% with contribution increasing by 400 basis points to 34%. This helped jewellery margins expand by 80 bps to 11.8%.
Contribution from gold exchange scheme increased 100 bps YoY to 28% during the same quarter. Gold harvest scheme enrolment up 300 bps to 18%.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR