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Motilal Oswal Report
FY20 was a challenging year with high gold prices affecting Q1 FY20 and the Covid-19 crisis disrupting Q4 FY20 For Titan Company Ltd.
Amid this tough operating environment, however, overall topline and earnings growth for Titan remained healthy at 6.4% and 8.9%, respectively. This continues a strong trend witnessed in recent years as a result of which sales and profit after tax compound annual growth rates over FY2017-2020 were also impressive at 17% and 24%, respectively.
Response to the Covid-19 crisis has also been heartening, with clear communication on safety and the addition of two new growth engines – digital thrust and lower price point products.
This is besides the already identified growth engines in recent years: (a) gold exchange, (b) wedding jewellery, (c) high-value diamond jewellery, (d) middle-India store expansions, (e) the ‘Golden Harvest' scheme, and (f) focus on low-market cities.
Barring high-value jewellery sales, we note that all of these growth engines are at play in FY21 as well.
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