Titan Q4 Review - Buoyant Prospects Beyond The Near-Term Blip: Motilal Oswal
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Motilal Oswal Report
Titan Company Ltd.’s Q4 FY21 result was in line with our expectation (as guided by its end of quarter update).
The factors that led to strong Jewelry demand were:
- decline in gold prices,
- robust wedding demand,
- absence of other avenues of spending on a wedding, thus boosting Jewelry sales, and
- gains from other organized and unorganized players.
The latter would continue to boost Jewelry sales over the near to medium term.
The three factors that affected margin in Q4 FY21 were:
- reversal of salary cuts made in Q1 FY21,
- lower proportion of studded sales, and
- reduction in gold import duty.
All the three factors are transient and would not affect margin in the medium term.
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