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Motilal Oswal Report
Titan Company Ltd.'s Q4 FY22 result was above our expectations, led by healthy sales growth in the non-jewelry segments. The management stated that growth in jewelry sales was strong in April 2022, in line with its yearly targets.
Titan's margin outlook is improving, with a higher proportion of studded jewelry (up 400 basis points YoY in Q4 FY22), gradually moving towards pre-Covid-19 levels.
The opportunity for growth is immense in the jewelry industry, with Tanishq's current market share below 10%.
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