Titan Company's numbers for 2QFY16 were below estimates on account of more than expected redemption impact resulting from the withdrawal of old Golden Harvest Scheme (GHS) in the base quarter. Net sales came in at Rs26.5bn vs. our estimate of Rs28.5bn, while EBITDA stood at Rs1.8bn, net profit was Rs1.5bn (estimate of Rs1.8bn). However, with GHS going out of the system, we expect recovery in jewellery performance, going forward. We retain our BUY...