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Centrum Broking Report
Titan Company Ltd.'s Q2 FY23 print was ahead of our estimates; revenue/Ebitda/profit after tax grew 22.3%/28.8%/30.3% despite high base and seasonally weak quarter.
Jewelry segment grew 21.7% (including bullion sale) with three-year compound annual growth rate of 23.2% led by growth in: grammage up 8%, new buyer contribution up 46%, studded ratio at 32%, 36% growth in golden harvest scheme enrolment, and four times growth in international business. Moreover, jewelry segment reported 13.6% Ebit margin.
Watches segment grew 20.5%, yet Ebit margin settled at 14.7%. Eyewear business grew muted at 4%, with 16.8% Ebit margin. Other segment grew 98% led by Taneira (up 114%), fragrances and fashion accessories (up 33%), while Caratlane reported 53.1% growth.
Titan's gross margin at 27.6% (up 260 bps); Ebitda jumped to Rs 12.4 billion (up 28.8%), resulting in Ebitda margin at 13.6% (up 69 bps) YoY. Adjusted profit after tax at Rs 8.3 billion grew 30.3%.
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