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Dolat Capital Report
Titan Company Ltd.'s Q1 FY23 core revenue was in-line, but including gold-ingot sales of Rs 3.6 billion, revenues came 4% higher than our estimates. 
Post complete re-opening of markets, Titan has benefited for strong sales traction and three-year compound annual growth rate has again normalised to 23.4%.
Jewellery business witnessed positives –
gold and studded jewellery grew by 260% plus,
new buyer contribution increased to 46%,
wedding jewelry sales jumped 178% and
studded jewellery contribution normalised to pre-pandemic level of 26%.
Highest ever sales recorded in watch and eyewear division and margin improvement in watches to 13.1% was an encouraging performance.
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