Titan's 3QFY16 results were largely in line with our estimates. While net sales increased 17.3% to Rs34bn vs. our estimate of Rs33.6bn, EBITDA came in at Rs2.8bn. Net profits for the quarter increased 18.1% to Rs2.3bn, in line with our estimates. Jewellery business led the revenue and profit growth with revenues increasing by 20% and segmental EBIT by 28%. We remain positive on Titan's brand franchise and the large opportunity in the jewellery category. We forecast 9.4% and 12.8% CAGR in revenues and earnings though FY15-18E. We retain...