Titan's standalone business recovered to 89% (consolidated recovered to 98%) with the jewellery business growing by 9% in Q2FY2021; watches and eyewear business recoveredto 56% and 61%, respectively. Consolidated OPM declined 433 bps to 6.9%, affected by hedging loss and lower operating leverge. Operating profit was down 40% to Rs. 313 crore. Higher demand during the festive season and improving wedding demand will help Titan post sustained recovery in the jewellery business going ahead. We have fine-tuned our estimates for FY2021 to factor in lower-than-expected...