External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Growth across segments has begun well for TTAN to meet its five-year targets as announced during its Investor day in May’22 .</li><li>Tanishq is performing extremely well. The management has deliberately taken a value focused approach, which is serving them well.</li><li>Interestingly, it did not pass on the entire effective import duty increase of ~4.25% in Jul’22 to customers.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Growth across segments has begun well for TTAN to meet its five-year targets as announced during its Investor day in May’22 .Tanishq is performing extremely well. The management has deliberately taken a value focused approach, which is serving them well.Interestingly, it did not pass on the entire effective import duty increase of ~4.25% in Jul’22 to customers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan Company - Well Set to Achieve Its Five-Year Targets

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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<li>Q4FY22 highlights: Consol. revenue grew 4% YoY to INR 77.9bn. Ex-bullion, jewelry sales declined 3% YoY to INR64.7bn (three-year CAGR for Q4FY22</li>
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<li>Outlook: While Titan’s recovery execution has been on point, a tougher demand environment awaits (courtesy volatile gold prices).</li>
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<li>Financial highlights: Revenue came in at INR 13.3bn (+3.1x/+4.8x YoY/QoQ, a beat of 77%).</li>
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<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>





Q4FY22 highlights: Consol. revenue grew 4% YoY to INR 77.9bn. Ex-bullion, jewelry sales declined 3% YoY to INR64.7bn (three-year CAGR for Q4FY22





Outlook: While Titan’s recovery execution has been on point, a tougher demand environment awaits (courtesy volatile gold prices).





Financial highlights: Revenue came in at INR 13.3bn (+3.1x/+4.8x YoY/QoQ, a beat of 77%).










Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>Cadila Healthcare: Cadila's Q3 revenue/EBITDA missed our estimates by ~3%/9% due to lower-than-expected sales in India/EMs and higher R&amp;D and other expenses. The company expects its India business to grow in strong double digits in FY23. While it guides for a flattish FY23 in the US, it aspires to take US revenue to ~USD1bn (vs. ~USD800mn in FY22e) by FY24e. However, we believe this is far-fetched, given that it hinges on multiple factors like Moraiya resolution in CY22, normalised price erosion in FY23, and timely launch of two high-value products.</p><div><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Cadila Healthcare: Cadila's Q3 revenue/EBITDA missed our estimates by ~3%/9% due to lower-than-expected sales in India/EMs and higher R&amp;D and other expenses. The company expects its India business to grow in strong double digits in FY23. While it guides for a flattish FY23 in the US, it aspires to take US revenue to ~USD1bn (vs. ~USD800mn in FY22e) by FY24e. However, we believe this is far-fetched, given that it hinges on multiple factors like Moraiya resolution in CY22, normalised price erosion in FY23, and timely launch of two high-value products.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: ITC, Titan, Dabur, GAIL (India), Cadila Healthcare, Emami, Balaji Amines, JK...

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>Titan was incorporated in 1984 as a JV between the TATA Group and TIDCO.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Titan was incorporated in 1984 as a JV between the TATA Group and TIDCO.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>Jewellery glitters with strong consensus beat in Q2 lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust distribution network comprises 1900+ stores spread across 2.5 mn sq ft.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Jewellery glitters with strong consensus beat in Q2 lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust distribution network comprises 1900+ stores spread across 2.5 mn sq ft.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan Company Ltd: Jewellery Glitters with Strong Consensus Beat in Q2

India

Titan Company Limited is an Indian fashion accessories company that primarily manufactures jewellery, watches, and eyewear. The company also offers fragrances, fashion accessories, and Indian dress wear under various brands. It is part of the Tata Group and was founded in 1984, with its corporate headquarters in Bengaluru, India.

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Titan (TTAN IN)

Titan Company - Well Set to Achieve Its Five-Year Targets

Growth across segments has begun well for TTAN to meet its five-year targets as announced during its Investor day in May’22 . Tanishq is performing...

Motilal Oswal

Titan - Underwhelming Print!

Titan’s Q4FY22 revenue grew 4% YoY to INR78bn. Jewelry (ex-bullion) declined 3% YoY (three-year CAGR for Q4FY22: ~17%; in-line)

HDFC Securities

HSIE Results Daily: ITC, Titan, Dabur, GAIL (India), Cadila Healthcare, Emami, Balaji Amines, JK...

Cadila Healthcare: Cadila's Q3 revenue/EBITDA missed our estimates by ~3%/9% due to lower-than-expected sales in India/EMs and higher R&D and...

HDFC Securities

Pick of the Week - Titan Company Limited

Titan was incorporated in 1984 as a JV between the TATA Group and TIDCO.

Edelweiss

Titan Company Ltd: Jewellery Glitters with Strong Consensus Beat in Q2

Jewellery glitters with strong consensus beat in Q2 lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust...

ICICI Securities Limited

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Titan Company - Well Set to Achieve Its Five-Year Targets

Growth across segments has begun well for TTAN to meet its five-year targets as announced during its Investor day in May’22 . Tanishq is performing...

Motilal Oswal

Titan - Underwhelming Print!

Titan’s Q4FY22 revenue grew 4% YoY to INR78bn. Jewelry (ex-bullion) declined 3% YoY (three-year CAGR for Q4FY22: ~17%; in-line)

HDFC Securities

HSIE Results Daily: ITC, Titan, Dabur, GAIL (India), Cadila Healthcare, Emami, Balaji Amines, JK...

Cadila Healthcare: Cadila&#x27;s Q3 revenue/EBITDA missed our estimates by ~3%/9% due to lower-than-expected sales in India/EMs and higher R&D and...

HDFC Securities

Pick of the Week - Titan Company Limited

Titan was incorporated in 1984 as a JV between the TATA Group and TIDCO.

Edelweiss

Titan Company Ltd: Jewellery Glitters with Strong Consensus Beat in Q2

Jewellery glitters with strong consensus beat in Q2 lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust...

ICICI Securities Limited

Cadila Healthcare: Cadila's Q3 revenue/EBITDA missed our estimates by ~3%/9% due to lower-than-expected sales in India/EMs and higher R&D and...