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Prabhudas Lilladher Report
We are cutting FY22/23/24 earnings per share estimates of Titan Company Ltd. by 2.1/2.7/6.0% following slower than expected demand trends across jewellery, watches and eyewear.
Titan Company's Q4 sales were impacted by-
third wave impact in January,
higher gold price impact on volumes in February and
impact of geopolitical uncertainty in March.
Lower sales growth in watches and eyewear was a bigger surprise. However, excluding the one of impact from large order in base quarter and exceptionally strong Q4 FY21 sales, 28% compound annual growth rate over two years for jewellery sales remains positive.
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