Titan Company Ltd share Price Today

Titan Industries has undergone significant price/time correction over past eighteen months and in current context stock has resolved out of past four month consolidation (2626-2270) along with falling channel breakout in Nifty signalling resumption of uptrend
 
Structurally, share price retraced July-October 2022 rally (1825-2791) by just 50% over past six months. Slower pace of retracement of rally indicate inherent strength. Further share price held its long term rising 52-week ema twice during January and March 2023 period despite elevated gold prices highlighting resilience
 
We expect share price to challenge life highs and head towards ₹2900 as it is 123.6% retracement of November 2022-March 2023 decline (₹ 2791-2321) over next few months

Titan has transformed itself from being a watch maker into an enviable lifestyle company, having a strong fortress in the jewellery segment (90% of sales) under the Tanishq brand. Robust performance in challenging times reaffirms our thesis of long term market share gains for Titan (targeting 10% market share in near term from current 7%). 
 
Titan in its Q4FY23 pre quarterly update reported a strong show with double digit revenue growth across all divisions on a marginally favourable base due to impact of Omicron in the base quarter. Revenue for the Jewellery division (including carat lane) in Q4FY23 grew 23.6% YoY driven by buyer growths, both new and repeat, and higher ticket size. On three-year CAGR basis (excluding bullion sales), revenue growth continues to be impressive at 25%. CaratLane (72% owned Subsidiary) continues to scale to new highs with robust growth of 56% YoY in Q4FY23. Watches and wearables division registered strong growth of 41% on YoY basis led by strong traction in analog watches segment and tripling of revenues from wearables segment.

For FY23, Jewellery division (including CaratLane) has displayed an impressive show with growth ~ 39% YoY. Titan has been a secular growth story with consistent market share gains from the unorganized players.  Over a long term company aspires to grow jewellery revenues by 2.5x by FY27 (implied CAGR: 20% from FY22 base

Gems & Jewellery company Titan Company announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• Titan (Consolidated) recorded an income growth of 22% in Q4FY24 compared to Q4FY23. EBIT grew by 10% YoY to Rs 1,192 crore, whereas PBT was flat at Rs 991 crore that included financial costs of CaratLane acquisition and ESOP related costs.
• Jewellery: Total Income for the quarter grew 19% over Q4FY23 to Rs 8,998 crore. The India business grew 20% in the same period. EBIT at Rs 1,089 crore recorded a margin of 12.1% for the quarter.
• Watches & Wearables: Business recorded a Total Income of Rs 940 crore, up 8% over Q4FY23. The domestic business grew 9% in the same period. EBIT came in at Rs 80 crore clocking a margin of 8.5% for the quarter.
• EyeCare: Total Income of Rs 1,166 crore in Q4FY24 was flat compared to Q4FY23. Business recorded an EBIT of Rs 8 crore clocking a margin of 4.8% for the quarter.
• Emerging Businesses: The Emerging Businesses comprising of Indian Dress Wear ('Taneira'), Fragrances, Fashion Accessories (F&FA) recorded a Total Income of Rs 97 crore for Q4FY24 growing 26% over Q4FY23. The Businesses together recorded a loss of Rs 22 crore for Q4FY24.

FY24 Financial Highlights:

• Total Income for FY24 at Rs 47,501 crore grew 23% over FY23. The corresponding PBT grew 4% to Rs 4,623 crore.
• Jewellery: For the full year, Division recorded a Total Income growth of 20% to Rs 38,353 crore. The corresponding EBIT was Rs 4,726 crore at a margin of 12.3% for FY24.
• Watches & Wearables: For the full year, Division recorded a Total Income growth of 18% to Rs 3,904 crore. The corresponding EBIT was Rs 397 crore at a margin of 10.2% for FY24.
• EyeCare: For the full year, the EyeCare Division recorded a Total Income growth of 5% to Rs 724 crore. The corresponding EBIT at Rs 85 crore recorded a margin of 11.7% for the full year.
• Emerging Businesses: For the full year, the Total Income grew 28% to Rs 378 crore. The corresponding EBIT loss was Rs 93 crore for FY24.

CK Venkataraman, Managing Director of the Company stated that: "FY24 was yet another satisfying year for Titan. Our Jewellery business continued to grow in prominence achieving a proud milestone of Rs 40,000 crore in consumer sales. Together our brands of Tanishq, Mia, Zaya and Caratlane are meaningfully innovating and offering the best variety of choices for the discerning woman of tomorrow. Our Wearables business is making good strides contributing to the ambitious growth targets that the business has embarked upon. The EyeCare business has re-calibrated itself in this year of consolidation and has launched exciting new product launches for the fashion-conscious youth . Taniera's expansions are gathering pace, and their stores are accessible across the length and breadth of the country. Through their 'Weavershalas' initiative, the brand is assiduously striving to protect traditional heirloom methodologies whilst embracing modernity practices.

As we look forward to FY25, all businesses of Titan Company Limited are single-mindedly continuing to focus on satisfying the ever-evolving needs of our lifestyle consumers ."

Result PDF