Titan Company, incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 213614.67 Crore) operating in Gems and Jewellery sector.
Titan Company key Products/Revenue Segments include Jewellery, Watches, Precious & Semi Precious Stones, Eyewear, Others, Other Operating Revenue, Scrap, Other Services for the year ending 31-Mar-2022.
Financials
The company’s top management includes Mr.S Krishnan, Mr.Bhaskar Bhat, Mr.Sandeep Singhal, Ms.Sindhu Gangadharan, Dr.Mohanasankar Sivapraksam, Mr.Pradyumna Vyas, Mr.B Santhanam, Mr.Ashwani Puri, Mr.C K Venkataraman, Mr.N N Tata, Ms.Jayashree Muralidharan. Company has B S R & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 89 Crore shares outstanding.
Investment Rationale
Overall profitability disappointed at the company. Jewellery EBITM at 11.9% (vs HSIE: 12.5%) declined 232bps YoY as competitive intensity continues to heighten; benefits from high diamond prices wore off. Non-jewellery profitability disappointed too. The brokerage maintains its FY24/25 EPS estimates. However, it upgraded the stock to a REDUCE (Earlier SELL) with an unchanged DCF-based TP of Rs 2,150/share (implying 46x Dec-24 P/E) as the downside is now limited, post the recent 15%+ stock correction.
Promoter/FII Holdings
Promoters held 52.9 per cent stake in the company as of 31-Dec-2022, while FIIs owned 17.53 per cent, DIIs 10.9 per cent.
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