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31 Jul 2025 |
Titan Company
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Consensus Share Price Target
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3347.30 |
3837.62 |
- |
14.65 |
buy
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03 May 2021
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Titan Company
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SMC online
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3347.30
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1402.90
(138.60%)
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Watch to jewellery maker Titan posted largely in-line quarterly financial numbers, reported records over 63% YoY jump in Q4 PAT. The Tata Group Enterprise continued to do well in Q4 FY21 with strong revenue growth both in the Jewellery and the Eyewear divisions and with the Watches division recovering fully. The...
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30 Apr 2021
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Titan Company
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ICICI Securities Limited
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3347.30
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1800.00
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1491.65
(124.40%)
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Target met |
Buy
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Though the near term may present a volatile demand scenario, we believe Titan is a structural growth story and appears to be a key beneficiary of the unorganised to organised shift in Indian jewellery market. Focus on market share gains and maintaining b/s strength (RoCE: 30%+) positions Titan as our preferred pick in the discretionary category. Owing to recent lockdown disruptions, we revise our earnings estimates downwards for FY22E and marginally tweak our estimates for FY23E estimates. We bake in revenue, earnings CAGR of 20%, 66%, respectively in FY21-23E. We reiterate BUY...
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30 Apr 2021
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Titan Company
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Motilal Oswal
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3347.30
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1506.00
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1491.65
(124.40%)
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Target met |
Buy
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TTAN's 4QFY21 result was in line with our expectation (as guided by its end of quarter update). The factors that led to strong Jewelry demand were: a) decline in gold prices, b) robust wedding demand, c) absence of other avenues of spending on a wedding, thus boosting Jewelry sales, and d) gains from other organized and unorganized players. The latter would continue to boost Jewelry sales over the near to medium term. The three factors that affected margin in 4QFY21 were: 1) reversal of salary cuts made in 1QFY21, 2) lower proportion of studded sales, and 3)...
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29 Apr 2021
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Titan Company
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Prabhudas Lilladhar
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3347.30
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1663.00
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1491.65
(124.40%)
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Target met |
Accumulate
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institutional sale of gold coins and higher wearables sales. TTAN reported numbers in-line with our estimates although it disappointed on margin front due to loss on account of Custom duty (Est Rs600-650mn), market share focus and deterioration in sales mix. Near term outlook looks...
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08 Apr 2021
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Titan Company
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ICICI Securities Limited
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3347.30
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1830.00
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1571.30
(113.03%)
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Target met |
Buy
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With a complete washout in Q1FY21 (70% decline), Titan's jewellery division ended the year on a strong note with marginal sales growth of ~3% in FY21 (excluding gold bullion sale). This signifies the inherent strength of the business model and its strong brand patronage. With a healthy recovery in Q3FY21 itself (15% revenue growth), momentum accelerated even further with Titan reporting 32% sales growth YoY in January-February 2021 (excluding B2B order). On a benign base, Tanishq reported 70% YoY growth in Q4FY21 with 10% growth being contributed by a large B2B order for gold...
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07 Apr 2021
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Titan Company
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Prabhudas Lilladhar
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3347.30
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1663.00
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1592.00
(110.26%)
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Target met |
Accumulate
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We are upgrading TTAN from Hold to Accumulate post robust performance Change in Estimates | Target | Reco in 4Q led by 1) 60% growth in Jewellery led by weddings 2) 90% recovery with flat sales in watches 3) 20% growth in Eyewear and 4) 80% growth in new...
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18 Feb 2021
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Titan Company
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Geojit BNP Paribas
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3347.30
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1643.00
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1425.55
(134.81%)
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Target met |
Buy
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Jewellery demand recovered strongly during the quarter and walk-ins for other segments are also improving on MoM basis. Hence, we reiterate our BUY rating on the stock and roll forward our valuation with a revised target price of Rs. 1,643 based on 56x FY23E EPS. Pick up in Jewellery sales drives topline In Q3FY21, consolidated revenue rose 16.7% YoY to Rs. 7,619cr (+67.3% QoQ), driven by robust growth from Jewellery division (+21.9% YoY to Rs. 6,836cr). As the lockdown restrictions eased up, walk-ins increased along with sales pick up from...
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15 Feb 2021
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Titan Company
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SMC online
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3347.30
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1471.85
(127.42%)
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On a consolidated basis, Titan's net profit increased 11.8% to Rs 530 crore on a 17% rise in total income to Rs 7619 crore in Q3 FY21 over Q3 FY20. The Tata Group enterprise reported a onetime exceptional loss of Rs 137 crore on account of scaling down of its subsidiary Favre Leuba AG (FLAG). Consequently, the company has performed an impairment testing of its investment in FLAG and has made a provision of Rs 137 crore towards impairment in the quarter and disclosed under exceptional items. While the company's jewellery business grew by 16% (excluding gold bullion sales) over the...
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11 Feb 2021
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Titan Company
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ICICI Securities Limited
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3347.30
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1830.00
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1524.70
(119.54%)
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Target met |
Buy
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Factoring in the Q3FY21 performance and improvement in demand outlook, we revise our earnings estimates upwards by 3-7% for FY22-23E. The company's War on Waste' programme is well on track with tight control on inventory position and higher focus on gold on lease replenishment (~56% of inventory). We expect initiatives to improve cash positions and significantly enhance RoIC (from 31% in FY20 to ~42% in FY23E). We build in revenue and earnings CAGR of 14% and 22%, respectively in FY20-23E. Healthy balance sheet, sustained focus on market share gains and better...
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29 Oct 2020
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Titan Company
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ICICI Securities Limited
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3347.30
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1410.00
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1178.20
(184.10%)
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Target met |
Buy
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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...
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