Titan Company - Growth Trajectory Accelerates Significantly In Q4: ICICI Direct
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ICICI DIrect Report
Titan Company Ltd. published its Q4 FY21 business update wherein headline numbers were significantly ahead of consensus estimates.
- Increase in market share in southern region (Tamil Nadu), which has traditionally been a stronghold of regional jewellers.
- Robust growth of ~70% in Q4 FY21 (supported by favourable base and large business-to-business orders for gold coins).
- Demand for wedding jewellery witnessed healthy offtake with overall share increasing in the pie.
- Robust growth witnessed in both metro and non-metro cities.
- Watches division reported flattish sales while eyewear division registered 20% revenue growth.
Robust performance in challenging times reaffirms our thesis of long term market share gains for Titan.
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