Titan reported another spectacular quarter with jewellery business posting a 56% growth in revenue. Retail growth stood at 55% with SSSG of 51%. There were a few non-comparable elements that contributed to this performance (details below) but those do not take away from the fact that the quarter was exceptionally strong a combination of the 2017 Akshaya Tritiya season turning out to be one of the best so far and a very successful gold exchange program ran during the period. Watches remain a question mark and investors' concern on the Favre Leuba strategy (ran up losses of INR155mn over the past 6M) is legitimate, in our view. We tinkered with our estimates just a tad, and our forecasts now have an in-built askrate of 25%/34% EBITDA and net profit growth for the balance 9M of the year. Our new TP...