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Prabhudas Lilladher Report
Titan Company Ltd.'s Q3 results show disappointment in jewelry margins as one off impact of gains in studded business waned off. Jewelry business outlook remains robust with Golden Harvest scheme enrollments and gold exchange back to pre Covid levels.
We believe Titan is well placed to capitalise on long term growth opportunities led by-
jewelry share gains due to network expansion, regional thrust and hallmarking benefits,
omnichannel strategy across jewelry, watches and eyewear,
new growth drivers like Caratlane, Titan Eye+, Taneira and
entry into high growth segments like wearables such as smart watches, over the head headphones and Truly Wireless earphones.
Eyewear and CaratLane are have reached critical mass with nine months-FY23 Ebit in Eyewear at Rs 960 million while CaratLane reported profit of Rs 1.14 billion.
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