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Dolat Capital Report
Titan Company Ltd.'s Q4 FY22 core revenue was in-line, but including gold-ingot sales of Rs 3.8 billion, revenues came 4% higher than our estimates.
Due to lower sales of jewellery led by volatility in gold prices, Titan's margins remained lower compared to last two quarter run rate of 13-15%.
Going ahead, with the re-opening of markets, we expect sales growth to remain elevated. Higher growth in the jewellery segment would be driven by-
demand retention,
stable gold prices and
network expansion initiatives.
In Q4, studded jewellery grew up 7% with contribution increasing by 400 basis points to 34%. This helped jewellery margins expand by 80 bps to 11.8%.
Contribution from gold exchange scheme increased 100 bps YoY to 28% during the same quarter. Gold harvest scheme enrolment up 300 bps to 18%.
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