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Motilal Oswal Report
Titan Company Ltd.'s Q4 FY23 revenue was ~19% ahead of our expectation; however, due to lower-than-expected margin, Ebitda and adjusted profit after tax came in line with estimates.
Margins were adversely affected by the impact from some actuarial calculations and one-time clean-up of old inventory in the eyewear business (majorly old lenses).
Three/four year Jewelry sales compound annual growth rate was robust at ~33%/22% in Q4 FY23.
The management indicated that demand was adversely impacted in the later part of March and the first half of April; however, with the onset of the festive season (Akshay Tritiya) and promotional offers, demand momentum revived. Titan had one of the best Akshay Tritiya sales this year.
Titan boasts of an outstanding track record that surpasses its peers, with superior short-term growth prospects, and exceptional long-term growth potential, all of which justify its high valuations.
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