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Prabhudas Lilladher Report
We remain constructive on Titan Company Ltd. post Q4 results given strong underlying demand trends in Jewelry and scalability in wearables, Eyewear and Taneira.
Q3 results were a miss on Ebitda due to lower margins in watches, eyewear and higher losses in emerging businesses. Titan Company is focusing on volume led growth in jewelry given rising competition while superior mix and scale will help sustain margins.
We expect Titan Company to capitalise on long term growth opportunity led by-
jewelry segment gains due to network expansion, regional thrust and higher growth in sub brands like Mia, Zoya and Caratlane.
Omni-channel strategy across jewellery, watches and eyewear
new growth drivers like Caratlane, Titan Eye+, Taneira and
strong growth in wearables with smartwatch volumes exceeding one million in FY23.
We believe Eyewear and CaratLane have reached critical mass with FY23 Ebit of Rs 980 million and Rs 1.66 billion (96% and 177% growth) and will be a key growth driver in coming years.
Titan Company is gradually emerging as a lifestyle play which will help sustain premium valuations.
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