Buy Titan Company; target of Rs 2992: Prabhudas Lilladher


Prabhudas Lilladher is bullish on Titan Company has recommended buy rating on the stock with a target price of Rs 2992 in its research report dated May 03, 2023

We remain constructive on TTAN post 4Q results given strong underlying demand trends in Jewellery and scalability in wearables, Eyewear and Taneira. 3Q results were a miss on EBIDTA due to lower margins in watches, eyewear and higher losses in emerging businesses. TTAN is focusing on volume led growth in jewellery given rising competition while superior mix and scale will help sustain margins. We expect TTAN to capitalize on long term growth opportunity led by 1) jewellery segment gains due to network expansion, regional thrust and higher growth in sub brands like Mia, Zoya and Caratlane 2) Omni-channel strategy across jewellery, watches and eyewear 3) new growth drivers like Caratlane, Titan Eye+, Taneira and 4) strong growth in wearables with smartwatch volumes exceeding 1mn in FY23.


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