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.