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Prabhudas Lilladher Report
Titan Company Ltd. reported one of the best quarters on the back of-
strong jewellery demand driven by festive purchases (buyer/ volume growth of 32%/ 47%),
margin expansion in jewellery led by 100 basis points gains in jewellery margins due to higher diamond prices and lower golden harvest scheme sales and operating leverage,
accelerated store openings in Eyewear (net 53 added),
sustained momentum in watches and other categories.
Although Titan reported 14.6% jewellery margins and despite a strong demand environment at least till April, we believe sustainable margins to be 12-13%.
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