Sharekhan has given Buy recommendation for Titan Company with a target price of Rs. 2900 in its research report issued on Jan 06, 2022

Sharekhan’s research report on Titan Company

Titan witnessed strong demand across its consumer businesses, with standalone revenue growth of 36% y-o-y in Q3FY2022. Revenues grew by 18% on two year CAGR basis. We expect OPM to be higher by 150 bps due to better operating leverage. Jewellery business revenues grew by 37% y-o-y (29% CAGR over two years) led by strong festive and wedding season demand. Watches and Eyewear businesses crossed pre-COVID sales. Emergence of third wave of pandemic might be a risk to near-term performance and we await for greater clarity on the same in post-result management commentary.

Outlook

Hence, we maintain our earnings estimates and would review it after results are announced. Titan remains one of top picks in discretionary space. It trades at 80.9x/65.4x its FY2023/24E earnings. We maintain a Buy recommendation on the stock with a PT of Rs. 2900.

More Info on Trent

At 13:20 hrs Titan Company was quoting at Rs 2,577.25, down Rs 19.50, or 0.75 percent.

It has touched an intraday high of Rs 2,687.30 and an intraday low of Rs 2,565.55.

It was trading with volumes of 143,510 shares, compared to its thirty day average of 38,533 shares, an increase of 272.43 percent.

In the previous trading session, the share closed up 0.79 percent or Rs 20.35 at Rs 2,596.75.

The share touched its 52-week high Rs 2,678.10 and 52-week low Rs 1,396.25 on 18 October, 2021 and 22 February, 2021, respectively.

Currently, it is trading 3.77 percent below its 52-week high and 84.58 percent above its 52-week low.

Market capitalisation stands at Rs 228,804.69 crore.

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