Titan shines as brokerages cheer Q4 numbers, jewellery biz growth

Despite a soft March due to high gold prices, Titan’s jewellery growth remains robust and the company’s other businesses are scaling up quickly

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Titan shares gained over a percent in the morning trade on May 4, a day after the company posted a 50 percent year-on-year jump in standalone net profit at Rs 734 crore in the March quarter of the financial year 2022-23. Total revenue came in at Rs 8,753 crore, rising 25 percent.

At 10 am, the stock was quoting at Rs 2,683, up 1 percent from the previous close. The stock has remained rangebound over the past six months, down 3 percent. It is trading at a 12-month trailing price-to-earnings ratio of 77x.

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Titan’s jewellery segment revenue grew 24 percent, watches and wearables 40 percent and eyecare clocked 23 percent growth.

Brokerages positive 

The company’s performance in the fourth quarter has earned positive ratings from all brokerages.

JPMorgan has given an “overweight’ rating and set a target price of Rs 3,000 a share, while Macquarie has an “outperform” call with a target price of Rs 3,200. CLSA has rated Titan a “buy” with a target of Rs 3,210.

The management has reiterated its medium-term growth trajectory of 20 percent, and franchisee margin changes are expected to improve the business mix. Additionally, the company has received encouraging responses from its international business and plans to scale up rapidly in FY24.

Despite a soft March due to high gold prices, Titan’s jewellery growth remains robust, and the company’s other businesses are scaling up quickly, CLSA said. “Comprehensive growth across segments and outlook is optimistic,” it added.

That said, the jewellery demand will continue to be a bit volatile, CEO Ajoy Chawla said in the post-earnings call.

“With gold prices spiking, there is some degree of nervousness in customers. The first half of April was dull, but the second half was fantastic. May and June promise to be good because of a lot of wedding dates,” he said.

Gold prices scaled the Rs 60,000 mark in March and have stayed above the level since. Titan, however, knows how to play the volatility game and is hopeful of maintaining its growth, added Chawla.

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