Titan Company Q3 Review - Remarkable Recovery In Jewellery; Festive Demand Trends Encouraging: Motilal Oswal
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Motilal Oswal Report
Titan Company Ltd. reported a largely in line set of Q3 FY21 earnings.
The management commentary continues to remain strong on near and longer term growth prospects in the jewellery business.
Commentary on January 2021 retail sales growth as well as management outlook on its components like wedding/studded sales growth is encouraging as is the recovery in watches and eyewear businesses.
Ebitda increased 8.2% YoY to Rs 8.5 billion (versus our estimate of Rs 8.1 billion).
Profit before tax rose 10% YoY to Rs 7.4 billion (versus our expectation of Rs 7 billion) and recurring profit after tax grew 7.5% YoY to Rs 5.3 billion (in line).
This has been the highest ever quarterly sales, Ebitda, and PAT.
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