Titan (TTAN) has reported a better-than-expected performance in 3QFY20. Its revenue was broadly in-line with the management revised guidance band at 11-13% YoY growth in 2HFY20 and it retained the same guidance for 4QFY20E as well. Revenue grew by 9.4% YoY (9MFY20 at +8% YoY) on the back of 10.6% YoY growth in jewellery segment and 2.4% YoY decline in watches segment. While wedding and festive season aided 15% YoY growth in retail jewellery sales, poor consumer sentiment affected Watches and Eyewear division. We are enthused by TTAN's market share gain during though times, not ruling out for its ability to grow >20% with improvement in consumer sentiment, going ahead. Consistent RoE of ~25% in the coming years and strong cash...