Q3FY23 Preview: Titan Company: Revenue seen at Rs105,892 million, PAT at Rs9,740 million

  • 30 Jan, 2023 |
  • 4:50 PM
  • Profitability pressure likely

Result date: 2nd February, 2023

Recommendation: Add

Target price: Rs 3,000

Titan Company (Titan) could post healthy revenue growth, benefiting from strong festival and wedding season as well as healthy store expansion. The Jewellery business (ex-bullion) grew by 11% YoY translating into a 3-year CAGR of 21%. Growth was driven by healthy new-buyer growths in the festive period, higher value purchases in the Studded category and unique new collections for the season.

Sales of Watches & Wearables grew 14% YoY with the 3-year CAGR accelerating to 9% from 5% in Q2. In Eyewear, sales grew by 10% YoY with 3-year CAGR accelerating to 9% from 3% in Q2. With regard to EBIT margin, in Jewellery division, analysts at IIFL Securities forecast margin of 13.3% from 13.6% in Q3FY22 (excluding 100bps one-off). Overall EBIT could slip 1.1% over the year-ago quarter.

Profit After Tax (PAT) could decline 1.3% on a YoY basis.

Important management insights to watch out for:

  • Outlook on international business expansion
  • Margin drivers going forward
Rs Million

December 2022 estimates

YoY change







Profit After Tax



Source: IIFL Research


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