Buy Titan Company; target of Rs 2,900: Motilal Oswal
- Date: 04-Feb-2022
- Source: Money Control
- Sector:Economy
- Country:Middle East
Buy Titan Company; target of Rs 2,900: Motilal Oswal
Motilal Oswal is bullish on Titan Company has recommended buy on the stock with a revised price target (PT) of Rs. 2,900 in its research report dated February 03, 2022.
Broker Research
February 04, 2022 / 01:52 PM IST
Titan Company (TTAN)’s end-of-quarter update released in early January had indicated the strong revenue growth trend in Jewelry, owing to which sales forecasts were in-line. However, there was a big positive surprise on operating margins (the highest in 66 quarters), which drove a comfortable beat on EBITDA and PAT.
Outlook
The Jewelry segment continues to report impressive share gains across large parts of the country; nonetheless, the runway remains long, with less than 10% market share. Impressively, in the absence of any material movement in gold prices in the past year, the mid-30s retail jewelry sales growth was entirely volume-led, and new customer additions continue to be impressive. As the sales momentum remains strong and the share of Studded Gold returns to earlier levels, the earnings growth outlook remains attractive. Maintain BUY.
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