Faster traction in Taneira and International operations could offer potential upside," Emkay said. We maintain Buy with a target of Rs 2,700 from Rs2,530 earlier, valuing Titan at a reduced multiple of 50 times due to a 3-month rollover. Titan offers high-teens growth visibility and an improving RoIC profile (45 per cent by FY25E). "We raise FY24/25 EPS by 3-4 per cent, led by Q1 beat and upbeat commentary.
Amid inflation concerns, Titan indicated satisfactory July performance and retained its 5-year outlook of 20 per cent CAGR. Jewellery business, it said, also saw accelerated momentum, with a 3-year CAGR of 23 per cent in the June quarter against 15-20 per cent in H2FY22, led by an 8 per cent CAGR in buyers and rest through the gold price increase. "Ex-bullion sales, consolidated Ebitda margin at 13.2 per cent was 200 bps higher than pre-Covid levels, led by operating leverage, exit from loss-making ventures and 80 bps one-off," it said. Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala held a 5.05 per cent stake in the June quarter, which was worth Rs 10,911.30 crore, as per Trendlyne.Įmkay Global said Titan reported an 8 per cent beat to its Ebitda estimates.
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