Titan's profitability was better than expectations and was driven by stronger margins in jewelry and watches divisions. Excluding IND-AS and one-offs, comparable EBITDA at Rs5.5bn was 18% ahead of our estimates and was marginally lower YoY. Management said that nearly 75% of its jewelry store network resumed operations and is expected to reach 90% by June-end. The pace of recovery has been encouraging at ~80% in jewelry and over 40% in watches, although this is for the very few stores, which were operational for around four weeks in May. Q1 will witness a sharp decline (zero sales in April, 10-15% in May and 30-40% expected...