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>Titan Company (TTAN) posted consolidated sales growth of 16% YoY in 2QFY25 (in line).</li><li>The pressure on EBITDA margins led to a 7% miss on EBITDA (after adjusting customs duty).</li><li>Higher interest costs (+71% YoY) and depreciation (+19%) led to only 2% YoY growth in adjusted PAT.</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>

Titan Company (TTAN) posted consolidated sales growth of 16% YoY in 2QFY25 (in line).The pressure on EBITDA margins led to a 7% miss on EBITDA (after adjusting customs duty).Higher interest costs (+71% YoY) and depreciation (+19%) led to only 2% YoY growth in adjusted PAT.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 - Demand Trends Positive; Miss on Margins

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

<ul><li>As per its Q2 business update, TTAN has exceeded our growth expectations across most business segments.</li><li>Importantly, jewelry has reported a significant improvement with 26% growth in Q2 vs our 15% expectation and 9% growth in Q1. LTL growth has also inched upwards to the mid-teens vs 3% in Q1, likely triggered by a big 900bps duty cut.</li><li>Revenue mix is likely a tad weaker with lowdouble-digits growth in the high-margin studded segment (vs ~25% overall growth).</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>

As per its Q2 business update, TTAN has exceeded our growth expectations across most business segments.Importantly, jewelry has reported a significant improvement with 26% growth in Q2 vs our 15% expectation and 9% growth in Q1. LTL growth has also inched upwards to the mid-teens vs 3% in Q1, likely triggered by a big 900bps duty cut.Revenue mix is likely a tad weaker with lowdouble-digits growth in the high-margin studded segment (vs ~25% overall growth).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 - Big Outperformance Across Segments; Maintain BUY

<ul><li>Motilal Oswal's research report onTitan Company Titan Company (TTAN) posted consolidated sales growth of 21% YoY in 4QFY24, marginally better than our estimate.</li><li>However, EBIT margins across segments were weak, leading to an overall 8% miss on EBITDA in 4QFY24. Jewelry sales (ex-bullion) grew 22% YoY, with double-digit growth in the number of buyers.</li><li>The studded ratio expanded to 33% (same YoY).</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>

Motilal Oswal's research report onTitan Company Titan Company (TTAN) posted consolidated sales growth of 21% YoY in 4QFY24, marginally better than our estimate.However, EBIT margins across segments were weak, leading to an overall 8% miss on EBITDA in 4QFY24. Jewelry sales (ex-bullion) grew 22% YoY, with double-digit growth in the number of buyers.The studded ratio expanded to 33% (same YoY).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 - Miss on Profitability; Sustaining Focus on Growth

<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.

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 - Demand Trends Positive; Miss on Margins

itan Company (TTAN) posted consolidated sales growth of 16% YoY in 2QFY25 (in line). The pressure on EBITDA margins led to a 7% miss on EBITDA...

Motilal Oswal

Titan Company - Big Outperformance Across Segments; Maintain BUY

As per its Q2 business update, TTAN has exceeded our growth expectations across most business segments.Importantly, jewelry has reported a...

Emkay

Titan Company - Miss on Profitability; Sustaining Focus on Growth

Motilal Oswal's research report onTitan Company Titan Company (TTAN) posted consolidated sales growth of 21% YoY in 4QFY24, marginally better than...

Motilal Oswal

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

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