Titan Q1 Results Review - Multiple External Factors, Volatile Gold Prices Checks The Quarter: Centrum

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Centrum Broking Report.Titan Company Ltd.’s Q1 FY25 print was in with our estimates; multiple external factors and volatility in gold prices check consol. Revenue/Ebitda growth at 11.5%/10.8%, yet profit after tax declined by 5.4%. Jewelry division (excluding bullion sales) reported strong growth of 10.4% led by buyer growth of ~2%, though average spends per buyer grew by ~6% YoY. Management alluded this to-45% contribution from new buyer,20% YoY retail growth during the first six weeks of the quarter that included Akshaya Tritiya, andwith 17 international stores and Rs 2.6 billion revenue grew 90%. .Despite better performance in south (+16% LFT), jewelry segment Ebit margin declined to 9.3% (-22 bp). Watches & Wearables segment grew 12.0%, with 10.9% Ebit margin. Eyewear business grew 3.4%, with 9.0% Ebit margin. Emerging businesses grew 5.3% led by fragrances and fashion accessories/SKINN +46%/10.0%, while Caratlane saw solid growth of 17.9%. Gross margin lowered to 22.1% (-12bp); Ebitda at Rs 12.5 billion improved by 10.8% settling Ebitda margin at 9.4% (-6bp) YoY. Titan management remain optimistic and committed to invest in growth initiativesto gain market share, yet maintaining operating margin ~12-13% range. We retain Buy rating, with a DCF-based target price Rs 4,337 (implying 58.0 times average FY26E EPS)..Click on the attachment to read the full report:.Titan Q1 Results: Profit Falls 5%, Misses Estimates.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Titan Q1 Results Review - Multiple External Factors, Volatile Gold Prices Checks The Quarter: Centrum

The brokerages remain upbeat on the company’s operating performance led by strong demand across business segments yet its footing in the international market appears to be promising.

NDTV Profit

NDTV Profit

Follow Us

DOWNLOAD THE APP

Titan Q1 Results Review - Multiple External Factors, Volatile Gold Prices Checks The Quarter: Centrum

The brokerages remain upbeat on the company’s operating performance led by strong demand across business segments yet its footing in the international market appears to be promising.

Choose a plan

Follow Us

DOWNLOAD THE APP