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Titan Company Ltd

Company details

2,336.10
2,352.05
1,827.15
2,790.00
6M Return -0.14%
1Y Return -0.47%
Mkt Cap.(Cr) 208,603.08
Volume 1,738
Div Yield 0.32%
OI
-
OI Chg %
-
Volume 1,738

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Multiple levers enable strong show in Q1FY23

About The Stock

    Titan has transformed itself from a watch maker to an enviable lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust distribution network comprises 1900+ stores spread across 2.5 mn sq ft.

    • Titan has consistently displayed its ability to gain market share amid a tough industry scenario owing to its robust balance sheet (30%+ RoCE and cash & investments worth ₹ 2000+ crore) and strong brand patronage

Q3FY22 Results : Strong performance by jewellery segment

    Titan’s Q3FY22 result was better than our estimates owing to all-time high EBITDA margins, aided by a strong gross margin performance.

    • As guided by the management in its pre-quarterly update, the jewellery division (excluding gold bullion sale) reported 39% YoY revenue growth. Overall jewellery sales (including gold bullion worth ₹ 54 crore) was at
      ₹ 9059 crore (up 32% YoY)
    • Overall revenue grew 32% YoY to ₹ 10037 crore. Studded share improved marginally. Titan reported its highest EBITDA margins of 14.4%
    • Robust operational performance resulted in the company reporting its highest ever quarterly PAT of ₹ 1012 crore

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Titan Company Ltd.

Q2FY23 Quarterly Result Announced for Titan Company Ltd.

Gems & jewellery company Titan Company announced Q2FY23 results:

  • The Titan Company recorded a growth of 18% in revenues during the quarter compared to Q2 of FY22. Total income for the quarter was Rs.8,308 crore compared to Rs.7,028 crore in Q2 FY22
  • The Company also recorded profits of Rs.1,155 crore (before taxes) for the quarter in comparison to Rs. 868 crores in Q2FY22, a growth of 33%
  • The Jewellery business registered an income of Rs. 7,203 crore in Q2FY23 compared to Rs. 6,106 crore in Q2FY22 (excluding bullion sale), a growth of 18%
  • The watches & Wearables business reported an income of Rs. 829 crore with 21% growth in Q2FY23 compared to Rs. 687 crore in Q2FY22
  • The Wearables segment (included above) grew impressively by 246% to Rs.88 crore during Q2FY23
  • EyeCare business reported a quarterly income of Rs.167 crore with 4% growth in Q2FY23 compared to Rs.160 crore in Q2FY22
  • Businesses comprising Indian dress wear Fragrances & Fashion Accessories reported an income of Rs.73 crore in Q2FY23 compared to Rs. 46 crore in Q2FY22, a growth of 59%
  • The jewellery business reported an EBIT of Rs.1,103 crore in Q2FY23 compared to Rs. 793 crore in the same quarter of the previous year.
  • The watches & Wearables business reported an of EBIT Rs.123 crore in Q2FY23 compared to Rs. 92 crore in the same Q2FY22
  • EyeCare business reported a lower EBIT of Rs. 28 crore in the quarter compared to Rs. 37 crore in the same quarter of the previous year as the business invested in the advertisement and paid higher rentals on the network expansion
  • Other businesses reported a loss of Rs.18 crore as compared to a loss of Rs.1 crore in the same quarter of the previous year as they have been investing in building the brands and scale

Mr.C K Venkataraman, Managing Director of the Company stated: "The Company has continued its strong performance into Q2 across all business segments. Despite an uncertain macro environment, the current festive season starting from the end of September month and continuing till the end of October has been quite positive and consumer confidence remains upbeat. We have clocked a retail growth of 17-19% in larger business divisions of the Company namely - Jewellery, Watches & Wearables and EyeCare over a similar festive season timeline of the previous year. We remain relentlessly focussed on executing our growth plans in India and overseas and are optimistic about our performance in the remaining quarters of the current financial year."

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OUR RESEARCH VIEW

Investment recommendation

Multiple levers enable strong show in Q1FY23

Call Date

06 Aug 2022

Entry Price

2,430.00

Target Price

2,800.00

Duration

12-18 Month

FINANCIALS

Sales

Operating Profit

Profit after Tax

Equity

Reserves and Surplus

Debt

Sales

Operating Profit

Profit after Tax

PE

Debt/Equity

P BV

COMPARISION

INSIDER & INSTITUIONAL ACTIVITY

Equity Capital: 9,303.00 Cr FV: 1.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 9,798.25 -19,599.12
LAST 3M 26,543.67 -19,477.65
LAST 6M 49,511.94 55,323.78
LAST 12M 182,243.81 -111,295.16

Titan Company Limited - Loss of Share Certificates

Jan 30, 2023 l NSE Announcement

Titan Company Limited - Loss of Share Certificates

Jan 27, 2023 l NSE Announcement

Date Action Type Ratio
Jul 08, 2022 Dividend 750
Jul 22, 2021 Dividend 400

INFORMATION

Stock PE (TTM)

65.46

Promoter Holding

52.9%

Book Value

115.1829

ROCE

20.76%

ROE

26.17%

Description

  • The Titan Company Ltd. was started in 1984 as a joint venture between the Tamil Nadu Industrial Development Corporation (TIDCO) and Tata Group. It has grown to become the world’s fifth-largest integrated watch manufacturer. The company’s corporate headquarters are in Bangalore, while the registered office is in Hosur, Tamil Nadu. For FY 2021-2022, the company’s total revenue was Rs 29,033 crore. It was up 33% from the revenue of Rs 21,830 crore in FY 2020-2021. On 5 August 2022, the company’s market capitalisation stood at Rs 215,980 crore.
    The company is listed on the National Stock Exchange with the code TITAN. The Bombay Stock Exchange listing code is 500114.
    In 1994, Titan Company Ltd. expanded into jewellery with the brand Tanishq. It also diversified into eyewear with Titan Eyeplus. In 2005, it launched Fastrack, a youth fashion accessories brand. Some other brands managed by the company include Sonata, Titan Raga, Octane, Helios, Caratlane, Zoya, and Mia, among others.
    On 5 August 2022, Titan Company Ltd. reported year-on-year growth of 1200% or 13 times in its standalone profit after tax. For the quarter ended June 2022, the profit after tax was Rs 793 crore.
    The company’s chairman is Mr S Krishnan, and the vice chairman is Mr N N Tata. The managing director is Mr C K Venkataraman. The other board members include Mr Pankaj Kumar Bansal, Mr Sandeep Singhal, Mr Bhaskar Bhat, Mr Pradyumna Vyas, Ms Sindhu Gangadharan, Mr Ashwani Puri, Ms Jayashree Muralidharan, and Dr Mohanasankar Sivapraksam, among others.
    Titan Company Ltd.’s shareholding pattern on 30 June 2022 indicated a promoter stake of 52.9%, public stake of 18.92%, foreign institutional investor stake of 16.77%, domestic institutional investor stake of 11.42%, and mutual fund holdings of 5.35%. The Tamil Nadu Industrial Development Corporation Ltd. is the leading promoter with a 27.88% stake, followed by Tata Sons Pvt. Ltd. with a 20.84% stake.
    On 5 August 2022, the company’s share price on BSE closed at Rs 2,432.55. Titan Company Ltd.’s share price on NSE closed at Rs 2,432.80. The 52-week high share price for Titan Company Ltd. was Rs 2,768, while the 52-week low was Rs 1,763.20.

    Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. Name of the Compliance officer (broking): Mr. Anoop Goyal, Contact number: 022-40701000, E-mail address: complianceofficer@icicisecurities.com. Investment in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose

Registered Address

3 SIPCOT Industrial Complex, , Hosur, Tamil Nadu, 635126

Tel : 91-4344-664199
Email : investor:titan.co.in
Website : http://www.titancompany.in

Registrar

TSR Consultants P Ltd

AGM Date (Month) : Aug
Face Value Equity Shares : 1
Market Lot Equity Shares : 1
BSE Code : 500114
NSE Code : TITAN
Book Closure Date (Month) : Jul/Aug
BSE Group : A
ISIN : INE280A01028

ICICIdirect Titan Company Ltd FAQ

You can buy Titan Company Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Titan Company Ltd Share.
Company share prices and volatile and keep changing according to the market conditions. As of Jan 31, 2023 09:50 AM the closing price of Titan Company Ltd was ₹ 2,349.70.
Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Jan 31, 2023 09:50 AM, the market cap of Titan Company Ltd stood at ₹ 208,603.08.
The latest PE ratio of Titan Company Ltd as of Jan 31, 2023 09:50 AM is 65.46
The latest PB ratio of Titan Company Ltd as of Jan 31, 2023 09:50 AM is 0.05
The 52-week high of Titan Company Ltd is ₹ 2,790.00 while the 52-week low is ₹ 1,827.15
According to analyst recommendations, Titan Company Ltd has a “Buy” rating for the long term.

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