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ICICI Securities Report
Titan Company Ltd.'s jewelry segment continued to outperform with 20% plus three-year revenue compound annual growth rate in nine months-FY23. Same-store sales growth at 9% is encouraging, driven by higher buyer growth (now at 49% versus 48% in Q2 FY23) while growth in ticket-size has been moderate.
Secondary sales (at 15%) outperformed primary sales (at 10%) led by strong festive demand (hence likely higher reported primary sales in Q4).
Positively, sales contribution from Golden Harvest is back to pre-Covid levels. However, management does highlight about rising competitive intensity on gold rates (while retaining previous 13% Ebitda margin guidance) and slowdown in lower-value items.
Despite rise in gold price during Dec-22-Jan-23, strong customer demand in Jan-23 (at 20% plus) is comforting.
Titan's performance in watch business was strong driven by FastTrack, higher average selling price in analog segment and ecommerce. Eyewear segment also reported healthy 11% YoY growth driven by improving share from in-house brands.
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