Titan Q3 Results Review - Temporary Blip In Jewellery Demand; Weak Margin Across Segments: Systematix

Systematix Report

Titan Company Ltd.'s delivered a marginal miss on consensus estimates given some deceleration in jewellery retail business growth trajectory in addition to weak performance in eyewear and fragrances business.

Change in timing of the inauspicious shradh period and sharp increase in gold prices in December impacted demand and led to increased competitive intensity, impacting both like-for-like growth and margins in the jewellery business, which has now normalised in January.

Titan's watches business continues to track well led by the wearables segment and successful premiumisation initiatives, despite margin pressure on account of higher marketing and new launch spends.

Among other businesses, while the ethnic wear business continues to see a strong scale-up, the eyewear and fragrances business had a soft performance in the quarter.

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