Titan Q3 Results Review - Amid Gold Price Volatility Jewelry Sales Rise 23%- Centrum Broking

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 Q3 FY24 print was below our estimates; amid volatility in gold prices consol. Revenue/Ebitda/profit after tax grew 22.0%/16.2%/15.5%. Jewelry segment (including bullion sale) grew 23%, driven by strategic gold exchange offer creating customer excitement to lift wedding jewelry share. Management alluded this to,50% contribution from new buyer,with 24% contribution studded revenues grew 14%, andgrowth in international business (now 14 stores).Moreover, jewelry segment reported 12.2% Ebit margin. Watches segment grew 21.1%, with 5.6% Ebit margin. Eyewear business cut by 4.0%, with 8.4% Ebit margin. Emerging businesses grew 25.8% led by Taneira (plus 61%), fragrances, fashion accessories (-7.0%), while Caratlane saw solid growth of 32.0%.Gross margin lowered to 23.4% (-60 basis points); Ebitda at Rs 15.6 billion improved by 16.2% settling Ebitda margin at 11.0% (-55 bp) YoY. Titan guided to maintain operating margin ~12-13% range.We increased earnings and retain 'Buy' rating, with a revised discounted cash flow -based target price Rs 4,255 (implying 65.6 times average. FY25E/FY26E earning per share)..Click on the attachment to read the full report:.A Vote Stock Ideas-Of-Account-Budget Sets The Narrative Of 'Viksit Bharat': Axis Securities.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 Q3 Results Review - Amid Gold Price Volatility Jewelry Sales Rise 23%- Centrum Broking

Strong performance led by growth in new buyers though some sales got preponed in Q2.

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Titan Q3 Results Review - Amid Gold Price Volatility Jewelry Sales Rise 23%- Centrum Broking

Strong performance led by growth in new buyers though some sales got preponed in Q2.

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