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  • 16 May 2022
  • ICICI Securities

Titan Company building levers for sustainable growth

TITAN - 1899 Change: -42.75 (-2.20 %)

News: We attended Titan’s analyst meet. Key highlights are; 1) Aspires to achieve 2.5x YoY growth for the jewellery division by FY27 (20% CAGR), 2) Targeting Rs. 10000 crore revenue (watches: Rs. 7000 crore, wearables: Rs. 3000 crore)  by FY26 with an EBIT margin of 18%. 3) Plans for new emerging businesses such as ethnic wear and women bags to clock in sales worth Rs. 1000 crore each by FY27

Views: Titan is building sustainable growth levers for its core and new emerging businesses. In the past, despite headwinds company has delivered 23% PAT CAGR since the last five years. Capital efficient business model (30% RoCE) coupled with robust revenue growth (20%+) makes Titan our preferred pick in the consumer discretionary space

Impact: Positive

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Titan women's ethnic wear brand Taneira targeting Rs. 1000 crore revenue by FY27

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Omicron, higher gold prices impact Titan’s jewellery division revenue growth

After two successive quarters of strong revenue growth, Titan’s jewellery division’s revenue growth trajectory disappointed on account of dual impact of Omicron Covid variant in January and sharp rise in gold prices in March owing to external geo-political conflict. Overall standalone revenues declined 3% YoY in Q4FY22 with Jewellery revenues declining 4% YoY (5% YoY growth excluding bullion sale and sale of gold coins in base quarter). Watches, eyewear and other businesses registered YoY growth of 12%, 5% and 23%, respectively. Superior performance of Carat Lane was the only key positive during the quarter

07-Apr-2022 10:00