Dolat Capital Market has given Buy recommendation for Titan Company with a target price of Rs. 1798 in its research report issued on Feb 10, 2021
Dolat Capital Market’s research report on Titan Company
Titan’s Q3FY21 revenue were in line but EBITDA and APAT exceed our estimate. Postponement of festive season to Q3 and strong wedding season resulted in increase in jewellery demand. Pent up demand due to postponement of weddings is expected to continue in Q4FY21E. Watches and Eyewear business reported strong recovery at EBIT level, was a positive surprise. Cost rationalization efforts helped the segmental EBIT to increase. In Jan’21, the company saw 28% retail growth in jewellery. Wedding jewellery grew by 10% in Q3FY21 and climbed 16% in Jan’21.