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Dolat Capital Report
Titan Company Ltd.'s Q2 FY23 revenue performance was in line with estimate, however, profitability was a beat due to better margins in jewellery and watches business.
The company reported 21.8% revenue growth with three-year revenue compound annual growth rate of 25%. Titan gained market share in the branded jewelry business.
Jewelry business witnessed positives –
15% growth in India,
400% increase in international business,
200 basis points improvement in studded jewelry,
10% increase in total number of buyers.
Jewelry business margin had one off impact of low cost diamond inventory. Hence the margins are expected to retrace 12-13%.
We have increased our FY23E/FY24E earnings per share estimates at Rs 39.2/43 as Q2 performance was better.
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