13 August 2015
Update | Sector: Retail
Titan Company
BSE Sensex
27,512
S&P CNX
8,349
CMP: INR330
TP: INR305
Neutral
Motilal Oswal values your
support in the Asiamoney
Brokers Poll 2015 for India
Research, Sales and Trading
team. We
request your ballot.
Navigating the choppy waters
Neat term challenges persist amidst attractive long term opportunity
We attended the analyst meet of Titan Company. Following are the key
takeaways:
Uncertain near term demand outlook in Jewellery and Watches.
Long term opportunity robust backed by favorable demographics and
Titan’s leadership position in core segments.
Stepping up the digital investments across the platform.
Maintain Neutral. Near term earnings clouded by weak demand,
deflationary gold price backdrop and tight regulations.
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val (INR m)/Vol
‘000
Free float (%)
TTAN IN
887.8
448/315
-7/-17/-12
293
4.6
400/1045
47.0
Financial Snapshot (INR b)
Y/E Mar
2015 2016E 2017E
Sales
EBITDA
Adj. PAT
Adj. EPS (INR)
EPS Gr. (%)
BV/Sh.(INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
119.0 120.7 139.2
11.5
8.2
9.3
11.1
34.8
26.6
38.0
35.6
9.5
10.9
8.0
9.0
-3.4
40.7
22.0
30.0
36.8
8.1
13.2
9.7
10.9
21.7
48.4
22.6
31.0
30.3
6.8
Jun-14
53.1
2.8
21.5
22.6
Shareholding pattern (%)
Jun-15 Mar-15
Promoter 53.1 53.1
DII
FII
Others
4.7
20.1
22.2
3.2
21.6
22.2
Notes: FII includes depository receipts
Stock Performance (1-year)
460
420
380
340
300
Titan Company
Sensex - Rebased
Near term demand outlook uncertain:
Weak consumer sentiments
continue to cloud the near term demand outlook in Titan’s core categories –
Jewellery and Watches. Company however highlighted the attractive long
term consumption story predicated on demographic dividend, rising
incomes and growing aspiration.
How does the company plan to negotiate current weak demand
environment?
Titan intends to negotiate weak consumer sentiments by A)
significant investments in ASP (“advertising
and marketing like never
before”).
B) Store renovations and expansions in all businesses. C)
Expanding the network in middle India (200+ towns). D) Richer product mix
with focus on differentiation. E) Enhancement of customer store
experience/delight – offers cross category loyalty programmes. F) Customer
retention and increase in ticket size. It also targets to capture better share
of wallet even as consumers are getting lured by convenience shopping on
internet.
Driving Digital enablement and Technology products:
Management
emphasized its strategy to drive investments in digital infrastructure across
the three segments in order to capture the growing e-commerce pie. It also
highlighted the focus on driving product technology especially in Watches
e.g. infusing smart technology in personal wear products. Management
indicated a near term launch of innovative product in Watches segment.
Long term Jewellery strategy:
From a longer term perspective it has set
itself a vision of becoming an “icon” in 2020 from current status as “leader”.
It aims to dominate in the “Adornment” segment, play in the “Status”
segment and participate in the “Savings” bucket. Strong brand equity of
Tanishq and several favorable demand drivers – best-in-class consumer
understanding, rising small town aspirations, young population’s preference
for adornment jewellery – should aid its long term segment performance,
per management.
Gautam Duggad
(Gautam.Duggad@MotilalOswal.com); +91 22 3982 5404
Manish Poddar
(Manish.Poddar@MotilalOswal.com); +91 22 3027 8029 /
Vishal Punmiya
(Vishal.Punmiya@MotilalOswal.com)
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Titan Company
Jewellery business facing some near term headwinds:
Apart from weak
demand, Jewellery division is also negotiating deflationary gold price
dynamics and absence of Golden Harvest Scheme (GHS) related demand. As
a consequence of gold price deflation, Titan is finding it incrementally
difficult to get new franchisees for store expansion (L3 stores). Franchisee
typically does not hedge the price risk and are thus wary about committing
investments for Tanishq in this environment. Management however
believes this is a short term hiccup and Titan’s inherent brand equity will
ensure this is a transient issue. In the interim, it can however delay the
expansion plans a bit – e.g. typically it achieves a hit rate of 85-90% on
target expansion plans of 100k sqft; it may now achieve 70% hit rate only.
Jewellery volume pick up does not compensate the fall in Gold price:
Fall
in gold price may also impact the segment revenues as pick up in volume
does not compensate for the gold price decline. As per management, after
the first decline in gold price in July, the jewellery volumes spurted but it
flattened out in a week. It is concentrating on driving advertising and
promotion spends in addition to the making charge correction already taken
in May’15.
No action on PAN card regulation:
Only silver lining in the near term
appears to be lack of any definitive government action on the INR 1lac PAN
card regulation. New uncertainty on GST however pertains. Currently
Jewellery attracts no excise duty and 1% VAT rate. Industry has represented
to the government to keep the structure unchanged in the GST regime.
However, if Jewellery is included in GST at higher rate it might create
hassles for customers who want to exchange old gold jewellery
New GHS will make contribution only 4QFY16 onwards:
The new GHS
scheme is slowly gaining scale. However its impact will be visible only in
4QFY16. Titan is experimenting by tying up with banks in order to increase
the cap for its GHS (existing regulations cap the GHS limit at 25% of previous
year’s networth). Currently the experiment is limited to Mumbai and
Nagpur. However this arrangement has not shown any meaningful traction
as yet due to additional paperwork required for consumer.
Watches – hurt by lesser consumer involvement thanks to emergence of
new categories:
The rising share of voice of categories like mobile phone,
real estate, apparel, consumer electronics are making the watch category
seem relatively quiet, per management. Plus Watches is no longer as
relevant for gifting as it used to be a decade back. In this challenging
environment, Titan is focusing on driving excitement in the category.
Towards this end it intends to drive Sports and Fashion Watches,
Technology enabled Watches, enhancing consumer experience by
renovating existing stores (75 World of Titan stores to be renovated) and
also driving expansion (opening 70 new stores).
Eyewear – Rapid scale up planned:
The category is characterized by under
penetration of branded players. Currently the expansion is driven by
regional players while national players are still being conservative. Titan’s
strategic objective in this space is to drive rapid scale up and double the
consumers in the next 3 years by enhancing the desirability quotient of its
2
13 August 2015

Titan Company
brand. Here it will focus on aggressive expansion of stores, design
differentiation, building manufacturing capability in Frames, new product
introductions (300+ Frames and 200 Sunglasses). Management believes
competition is not a concern as the influence of branded players is limited
currently and has a long way to go before saturation sets in.
Valuation and view:
Long term outlook for Branded Jewellery space looks
compelling to us given the favorable demographics and Titan’s pan-India
presence with unparalleled brand equity. Titan’s near term performance
will be impacted by the trinity of weak demand, deflationary gold price and
tight regulations, in our view. This does impair the near term earnings
visibility of Titan, we believe. We maintain Neutral with target price of
INR305 (28x June FY17 EPS—a 15% discount to three-year average due to
weak earnings visibility).
13 August 2015
3

Titan Company
Other takeaways
Strategy
Consumption story:
Demographic dividend + Rising income + Growing
aspiration.
Titan’s categories: Unorganized, underpenetrated and underserved
Pros of Titan’s categories:
Opportunity for branded play, quality of competition,
transform category.
Cons of Titan’s categories:
Non level playing field, regulatory challenges
Competition uses Tanishq as a benchmark and tries to follow it.
Driving innovation:
Titan famous for innovation. Products – brands – business
model – consumer touch points – customer experience.
Chose to excel in each stage of the business model – end to end – design,
manufacturing, distribution, retailing, after-sales service.
Culture of the company is key differentiator:
Open, informal, entrepreneurial
and non-hierarchical.
Jewellery
Vision: From being a leader in 2015 to Icon in 2020.
2014 jewellery market – INR 2500b – Diamond INR 400b, Gold –INR 2100b.
Titan share: 7% of Diamond and 3% of Gold.
Occasion share of market:
Wedding – INR 1500b, Daily wear – INR 700b,
Occasion wear – INR 300b
Titan’s Share of occasions
1. Overall division share – 4%
2. Lowest share in Wedding – 1%
3. Occasion share – 3%
4. Daily wear – 8% share.
Customer profile and average ticket spend
Adornment customer
(Progressor): Upper middle, upper. Service class
profession. Avg bill value - INR 75k
Savings customer (Traditionalist):
Middle, lower middle. Service class, traders.
Avg bill value – INR 100k.
Status customer (Projector):
Upper middle, upper – business class professional.
Avg. bill value – INR 150k
Competition may not necessarily be targeting the same segment even if the size
of competition is high e.g. Kalyan.
Drivers of sales growth and margins
Weddings
High value diamond jewellery and solitaries
Working women’s jewellery
Network expansion – discomfort in prospective franchises – getting franchisee
has become slightly more difficult.
13 August 2015
4

Titan Company
Watches
Technology products are bringing excitement to the category (smart
watches/wearables)
Impacted by: Mobile phones, Watches become less relevant in economic
downturn.
Share of voice:
The noise level in categories like mobile, real estate, apparel,
consumer electronics are making the watch category seem relatively quiet.
Many categories compete with Watches for gifting – e.g. for wedding earlier
bride groom used to receive multiple watches as gift.
Technology wave is bringing Watches back in consumer mind-space.
Opportunities: a) Participation in the Technology space. b)The booming sports
and fashion segments. C) Booming sports and fashion segments.
13 August 2015
5

Titan Company
Key charts
Exhibit 1: Titan’s Segmental performance snapshot
INR m
Total Sales
Watches
YoY Growth
Jewelry
YoY Growth
Others
YoY Growth
Total EBIT
Watches
YoY Growth
EBIT Margin
Jewelry
YoY Growth
EBIT Margin
Others
1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16
22,258 22,931 30,370 26,419 31,085 23,545 26,785 28,073 28,931 35,947 29,237 25,038 27,102
3,607
4,718
4,235
4,199
3,987
4,424
4,513
5,018
4,442
5,275
4,426
5,110
4,845
14.4% 13.0% 10.6%
1.5% 10.5%
-6.2%
6.6% 19.5% 11.4% 19.2%
-1.9%
1.8%
9.1%
17,755 17,239 25,152 20,933 25,866 17,981 21,107 21,573 23,253 29,294 23,474 18,279 20,720
7.8%
5.7% 26.7% 16.3% 45.7%
4.3% -16.1%
3.1% -10.1% 62.9% 11.2% -15.3% -10.9%
896
974
983
1,288
1,232
1,141
1,165
1,462
1,236
1,379
1,337
1,649
1,536
15.7% 49.4%
4.3% 40.0% 37.4% 17.2% 18.6% 15.0%
0.3% 20.9% 14.7% 12.8% 24.3%
2,293
2,653
2,994
2,955
2,443
2,871
2,463
2,927
2,665
3,356
2,691
2,795
2,197
504
547
512
456
385
464
471
602
449
666
428
489
481
4.9% -18.7%
6.5% -14.6% -23.7% -15.1%
-7.9% 32.0% 16.7% 43.4%
-9.2% -18.8%
7.3%
14.0% 11.6% 12.1% 10.9%
9.6% 10.5% 10.4% 12.0% 10.1% 12.6%
9.7%
9.6%
9.9%
1,806
2,150
2,466
2,487
2,030
2,409
2,009
2,294
2,178
2,682
2,261
2,321
1,803
8.7% 35.5% 29.5% 36.5% 12.5% 12.0% -18.5%
-7.8%
7.2% 11.3% 12.5%
1.2% -17.2%
10.2% 12.5%
9.8% 11.9%
7.8% 13.4%
9.5% 10.6%
9.4%
9.2%
9.6% 12.7%
8.7%
(16)
(43)
17
11
28
(3)
(18)
31
38
8
2
(15)
(87)
Source: Company, MOSL
Exhibit 2: Space addition over the years
Space (in ‘000 sqft)
1QFY16
Format
No of Stores Space
World of Titan
427
412
Fastrack
157
92
Helios
43
53
Tanishq
177
738
Goldplus
33
81
Zoya
2
7
Eye+
384
237
Total
1223
1620
FY15
No of Stores
430
154
42
174
33
2
366
1201
Space
416
90
53
718
81
7
225
1590
FY14
No of Stores
401
150
49
163
33
2
280
1078
Space
401
86
66
632
81
7
221
1494
FY13
FY12
No of Stores Space No of Stores Space
375
332
339
364
140
76
102
49
46
64
25
42
146
521
129
387
74
32
67
31
2
7
2
7
224
154
205
146
1,272
827
1,036
953
Source: Company, MOSL
Exhibit 3: Jewelry grammage growth has been sub-par
Exhibit 4: ..leading to weak sales growht
Source: Company, MOSL
Source: Company, MOSL
13 August 2015
6

Titan Company
Exhibit 5: Jewelry - Key operating parameters
Jewelry
Volume Gr (%)
Customer Gr (%)
Studded Share (%)
Sales Gr (%)
1Q13
(22)
(2)
25
8
2Q13
(16)
7
32
6
3Q13
12
12
22
27
4Q13
7
12
32
16
1Q14
67
49
16
47
2Q14
(4)
(3)
39
4
3Q14
(21)
(10)
26
(15)
4Q14
(2)
3
37
4
1Q15
(24)
(16)
25
(10)
2Q15
75
97
35
63
3Q15
4Q15
1Q16
(10)
25
(11)
8
(7)
NA
26
37
29
11
(15)
(11)
Source: Company, MOSL
Exhibit 6: Tanishq and GoldPlus posted LTL sales decline of 12% and 24% respectively in 1Q16
Jewelery
Sales Gr %
LTL Growth %
Stores
13
6
165
4QFY14
(14)
(18)
33
(8)
(13)
168
1QFY15
(21)
(24)
33
75
68
170
2QFY15
81
84
33
(4)
(8)
172
3QFY15
30
30
33
4QFY15
(21)
(25)
176
(4)
(4)
33
1QFY16
(10)
(12)
179
(24)
(24)
33
Tanishq GoldPlus Tanishq GoldPlus Tanishq GoldPlus Tanishq GoldPlus Tanishq GoldPlus Tanishq GoldPlus
Source: Company, MOSL
Exhibit 7: Watches segment posted another quarter of volume decline (4%) in 1Q16
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
Sales
LTL Stores Sales
LTL Stores Sales
LTL Stores Sales
LTL Stores Sales
LTL Stores
Gr %
Growth Growth (x) Growth Growth (x) Growth Growth (x) Growth Growth (x) Growth Growth (x)
World of Titan
8
2
406
15
10
417
0
(3)
426
11
5
430
1
0
427
Helios
Fastrack
LFS - Watches
Sales Growth
(%)
Volume
Growth (%)
Net sales
(INR b)
23
16
2
20
9
5
10.4
9
4.4
45
148
NA
4
8
3
9
1
1
19.0
9
5.3
43
150
NA
(3)
3
2
4
(6)
(5)
(1.9)
(4)
4.4
43
157
NA
(3)
1
10
3
(4)
8
1.8
(6)
5.1
42
154
NA
0
2
1
4
(4)
0
9.1
(4)
4.9
Source: Company, MOSL
43
157
NA
Watches
Exhibit 8: Titan Eye+: LTL growth stood at 13% in 1Q16
Titan Eye+
Stores
Sales Growth (%)
LTL Growth (%)
4QFY13
224
46
40
1QFY14
229
26
21
2QFY14
228
35
25
3QFY14
270
14
2
4QFY14
280
35
21
1QFY15
300
28
13
2QFY15
323
34
19
3QFY15
341
22
4QFY15
366
1QFY16
384
14
20
9
13
0
Source: Company, MOSL
13 August 2015
7

Titan Company
Story in Charts
Exhibit 9: Jewelry sales increased 8.3% in FY14
Jewellery Sales (INR in mn)
57.1%
36.2%
26.7%
14.9%
8.3%
43.3%
39.5%
Jewellery Sales gr (%)
15.4%
Exhibit 10: Watches sales expanded 11.1% in FY14
Watches Sales (INR in mn)
15.0%
14.6%
Watches Sales gr (%)
14.0%
13.6%
11.6%
11.1%
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY08
FY09
FY10
FY11
FY12
FY13
FY14
Source: Company, MOSL
Source: Company, MOSL
Exhibit 11: Jewelry EBIT margins were up 50bps YoY in FY14… Exhibit 12: …while watches EBIT margins declined 50bps YoY
Jewellery
8.9%
10.1%
10.6%
15.4%
Watches
15.0%
14.0%
14.6%
13.6%
8.3%
5.4%
5.8%
6.9%
11.6%
11.1%
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY08
FY09
FY10
FY11
FY12
FY13
FY14
Source: Company, MOSL
Source: Company, MOSL
Exhibit 13: PAT growth of 8.5% over FY15-17E
40.5
PAT (INR m)
PAT growth (%)
Exhibit 14: Return Ratios (x):
RoE (%)
63.7
56.1
21.7
43.8
48.9
42.5
29.4
26.6
RoCE (%)
20.1
11.1
2.1
-3.4
38.0
30.0
31.0
22.0
2016E
22.6
2012
2013
2014
2015
2016E
2017E
2012
2013
2014
2015
2017E
Source: Company, MOSL
Source: Company, MOSL
13 August 2015
8

Titan Company
Financials and valuations
Income Statement
Y/E March
Net Sales
Change (%)
Total Expenditure
EBITDA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Other Income - Recurring
Profit before Taxes
Change (%)
Margin (%)
Tax
Deferred Tax
Tax Rate (%)
Profit after Taxes
Change (%)
Margin (%)
Extraordinary income
Reported PAT
2010
46,744
22.9
42,929
3,816
17.2
8.2
360
254
119
3,320
24.7
7.1
838
134
21.2
2,615
24.7
5.6
-112
2,503
2011
65,209
39.5
59,352
5,857
53.5
9.0
345
82
561
5,991
80.5
9.2
1,718
32
28.1
4,305
64.6
6.6
-32
4,273
FY12
2012
88,384
35.5
80,054
8,329
42.2
9.4
449
437
941
8,385
40.0
9.5
2,389
53
27.9
6,048
40.5
6.8
-47
6,002
FY13
2013
101,127
14.4
91,011
10,116
21.4
10.0
545
506
1,008
10,072
20.1
10.0
2,854
43
27.9
7,262
20.1
7.2
0
7,262
FY14
2014
109,158
7.9
98,673
10,484
3.6
9.6
656
871
1,202
10,159
0.9
9.3
2,761
13
27.0
7,411
2.1
6.8
0
7,411
2015
119,032
9.0
107,498
11,534
10.0
9.7
874
807
706
10,559
3.9
8.9
2,410
82
22.0
8,231
11.1
6.9
0
8,231
(INR Million)
2016E
120,746
1.4
109,836
10,910
-5.4
9.0
841
702
832
10,198
-3.4
8.4
2,199
45
22.0
7,955
-3.4
6.6
0
7,955
2017E
139,187
15.3
125,967
13,219
21.2
9.5
976
814
985
12,415
21.7
8.9
2,677
55
22.0
9,684
21.7
7.0
0
9,684
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Deferred Tax
Capital Employed
Gross Block
Less: Accum. Depn.
Net Fixed Assets
Intangibles
Capital WIP
Investments
Curr. Assets, L&A
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Current Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2010
444
6,800
7,244
728
48
8,019
5,611
3,145
2,466
160
123
76
18,037
13,403
936
1,867
1,831
12,843
11,496
1,347
5,194
8,019
2011
444
9,810
10,254
677
15
10,946
6,089
3,393
2,696
135
194
91
33,800
19,938
1,137
10,965
1,760
25,969
24,184
1,786
7,830
10,946
2012
888
13,611
14,499
59
-38
14,520
7,271
3,693
3,578
110
249
160
42,802
28,787
1,631
9,605
2,779
32,378
29,435
2,942
10,424
14,520
0
2013
888
18,761
19,649
60
-80
19,629
8,480
4,078
4,402
84
417
185
53,579
36,779
1,638
11,365
3,797
39,039
35,478
3,561
14,541
19,629
0
2014
888
24,352
25,240
8,063
-93
33,209
10,399
4,495
5,903
59
329
230
54,456
38,672
1,520
8,925
5,338
27,768
23,938
3,830
26,688
33,209
0
2015
888
30,032
30,920
998
-197
31,721
11,902
5,103
6,799
34
549
290
50,854
40,474
1,874
2,138
6,368
26,804
22,483
4,322
24,050
31,721
0
(INR Million)
2016E
888
35,275
36,163
1,998
-242
37,919
13,977
5,944
8,033
34
549
290
56,205
41,785
1,892
6,685
5,844
27,191
22,816
4,375
29,014
37,920
2017E
888
42,054
42,942
2,998
-296
45,643
16,052
6,920
9,132
34
549
290
66,965
46,295
2,142
12,010
6,518
31,327
26,226
5,101
35,639
45,643
13 August 2015
9

Titan Company
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Debtor (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
2010
2.9
3.3
8.2
0.9
31.0
2011
4.8
5.2
11.5
1.5
30.2
2012
6.8
7.3
16.3
2.0
30.1
2013
8.2
8.8
22.1
2.5
30.0
2014
8.3
9.1
28.4
2.4
28.6
-863
-1,140
2015
9.3
10.3
34.8
2.8
30.0
-4,687
2016E
2017E
10.9
12.0
48.4
3.3
30.0
9.0
9.9
40.7
2.7
30.0
48.4
45.4
3.2
34.0
20.2
0.6
40.3
37.5
2.8
27.8
14.9
0.7
39.5
36.3
2.7
27.8
11.6
0.7
35.6
32.2
2.4
25.3
9.5
0.8
36.8
33.3
2.4
26.4
8.1
0.8
30.3
27.5
2.0
21.5
6.8
1.0
41.0
54.2
49.2
63.0
48.9
63.7
42.5
56.1
29.4
43.8
26.6
38.0
22.0
30.0
22.6
31.0
7
5.8
6
6.0
7
6.1
6
5.2
5
3.3
6
3.8
6
3.2
6
3.0
0.1
0.1
0.0
0.0
0.3
0.0
0.1
0.1
Cash Flow Statement
Y/E March
OP/(loss) before Tax
Int./Div. Received
Deferred Revenue Exp.
Depreciation & Amort.
Interest Paid
Direct Taxes Paid
Incr in WC
CF from Operations
Extraordinary Income
Incr in FA
Free Cash Flow
Investments
CF from Invest.
Issue of Shares
Incr in Debt
Dividend Paid
Others
CF from Fin. Activity
Incr/Decr of Cash
Add: Opening Balance
Closing Balance
E: MOSL Estimates
2010
3,320
-119
0
360
254
838
-558
3,535
-112
-63
3,486
0
-49
0
-1,026
519
621
-2,166
1,320
547
1,867
2011
5,991
-561
0
345
82
1,718
-6,461
10,600
-32
524
10,044
15
-571
0
-51
776
104
-931
9,098
1,867
10,965
2012
8,385
-941
0
449
437
2,389
3,953
1,987
-47
1,212
729
69
-1,328
444
-618
1,290
556
-2,020
-1,360
10,965
9,605
2013
10,072
-1,008
0
545
506
2,854
2,357
4,906
0
1,352
3,554
25
-1,376
0
1
1,806
-35
-1,769
1,760
9,605
11,366
2014
10,159
-1,202
0
656
871
2,761
14,588
-6,864
0
1,806
-8,670
44
-1,850
0
8,002
2,181
-453
6,274
-2,440
11,365
8,925
2015
10,559
-706
0
874
807
2,410
4,149
4,975
0
1,698
3,276
61
-1,759
0
-7,065
2,116
822
-10,003
-6,787
8,925
2,138
(INR Million)
2016E
10,198
-832
0
841
702
2,199
418
8,294
0
2,075
6,219
0
-2,075
0
1,000
2,469
203
-1,672
4,546
2,138
6,685
2017E
12,415
-985
0
976
814
2,677
1,299
9,243
0
2,075
7,168
0
-2,075
0
1,000
2,386
457
-1,843
5,325
6,685
12,010
13 August 2015
10

Titan Company
NOTES
13 August 2015
11

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