We reiterate a NEUTRAL rating with DCF based TP of Rs 900/sh (implied P/E of 38x Dec-20E EPS). Titan delivered a stellar quarter considering most big-box jewellers grew at 13-15% in 3Q; albeit one-offs impacted profitability. One-offs include a Rs. 700 mn provision towards IL&FS; exposure (Total exposure of Rs. 1.45bn, Rs 290 mn provided for in 2QFY19). Titans revenue grew by 34.6% (vs est. 30%). Adj. EBIT/APAT growth at 61/66% resp. to Rs 6.2/4.6 bn (a 13%/19% miss). Jewellery biz grew by ~37% (est. 32%) to Rs 49.9bn as all variables moved with clockwork precision (volume/price/mix grew ~20/8/9% YoY). Beat on revenue was on account of large institutional order for gold coins worth Rs 2bn for 3Q. Expansion in margins were even more pronounced +290bps to 12.9 % (194bps beat) due to 1. higher GM led by inventory valuation loss reversal from 2Q (Rs 180mn), 2. lower discount and 3. lower ad-spends.