Hem Securities has given Buy recommendation for Titan Company with a target price of Rs. 3104 in its research report issued on Oct 14, 2022
Hem Securities report on Titan Company
Titan Company Q1FY23 consolidated revenues came in at ₹ 9,443Cr, up 172% YoY and 21.13% QoQ. PBIDT for Q1FY23 stood at 1,240Cr, up 578% YoY and 52% QoQ. PBIDTM for Q1FY23 came at 13.13%, 786 bps YoY and 266 bps QoQ. PAT for Q1FY23 stood at ₹790Cr, up 4288% YoY and up 49.9% QoQ.
With a strong growth outlook, we initiate a “BUY” rating on the stock and value the stock at 31.7xFY23 EPS to arrive at the target of 3,104.