Broad-based growth; a miss on margins

Company
11 Mar 2024
5 Min read 
  • Titan Company posted sales growth of 22% YoY in 3QFY24, driven by jewelry and watch segments.
  •  Jewelry sales grew 22% YoY, while watch sales grew 21.6% YoY.
  •  Jewelry EBIT improved 19% YoY, but the EBIT margin was lower than expected.
  •  The studded ratio was at 24% in 3Q, leading to a miss on margin.
  •  Titan is on track to achieve its jewelry revenue guidance of 2.5x FY22 revenue by FY27.
  •  Reiterate BUY rating with a target price of INR4,200.
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