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Centrum Broking Report
Titan Company Ltd.'s Q3 FY23 print was below our estimates; revenue grew 15.7% led by new buyers despite high base, yet Ebitda/profit after tax declined 6.6%/9.8%. Jewelry segment grew 15.3% (including bullion sale) with three-year compound annual growth rate of 23.1% led by growth in:
grammage up 9%,
new buyer contribution up 49%,
studded ratio at 26%,
19% growth in Golden Harvest Scheme enrolment, and
growth in international business.
Moreover, jewelry segment reported 13.0% Ebit margin. Watches segment grew 14.2%, yet Ebit margin settled at 10.1%. Eyewear business grew at 11.5%, with 18.4% Ebit margin.
Emerging businesses grew 71.8% led by Taneira (up 150%), F & FA (up 46%), while Caratlane reported 51.3% growth.
Gross margin at 23.9% (up 141bp); Ebitda cut by 6.6% to Rs 13.5 billion, resulting in Ebitda margin at 11.6% (down 276bp) YoY. Adjusted profit after tax at Rs 9.1 billion declined 9.8%.
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More Research Reports On Titan Company's Q3 FY23 Results Review
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