Working capital management has been the primary focus for Titan wherein the company generated healthy OCF of | 1020 crore through better inventory management (liquidation of excess bullion inventory) and higher focus on gold-on-lease for inventory replenishment. Also, lower capex requirements (| 66 crore vs. | 169 crore in H1FY20) have led to improvement in cash position of the company with it being net cash surplus in Q2FY21 vs. net debt as on Q4FY20). We maintain our revenue estimates but reduce our earnings estimates by 10%, 4% in FY21, FY22E, respectively, to factor in...