4 February 2020 While TTANs revenue growth was in line with the guidance, the positive surprise from the result was the jewelry margin of 13% and the EBITDA margin of 12%. Despite 15% retail jewelry YoY sales growth, TTAN has maintained its 2HFY20 guidance of 11-13% jewelry sales growth, considering Jan20 sales growth of only 8%. Recovery prospects in their largest segment, in which TTAN had reported 20%+ growth in FY18/FY19, are still unclear. Near term valuations are also fair leading us to maintain rating. 3QFY20 consolidated revenue grew 11.2% YoY to INR65.3b (v/s est. Adj. EBITDA increased 32.6% YoY to INR7.8b (v/s est. INR7b) while Adj. PBT grew 12.