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Dolat Capital Report
Titan Company Ltd.'s Q4 FY23 revenues excluding bullion sales were in line with estimate. Further, Ebitda and adjusted profit after tax came in line with anticipation.
Significantly higher contribution of bullion sales impacted jewelry margins. Further, benefits of low cost inventory and customs duty fade out during Q3 FY23, impacted the margins.
Going ahead, Titan Company expects 12-13% steady state margins in the jewelry business (excluding bullion sales).
Jewelry business witnessed positives –
Buyer growth was at 15% (both new and repeat).
High cost jewelry contribution increased.
100 basis points increase in contribution of studded jewelry and
Average ticket size increased by 8%.
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