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Published on 10/02/2021 5:07:36 PM | Source: Angel Broking Ltd

Titan Company 3QFY21 Result Update By Amarjeet Maurya, Angel Broking

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Below are Views On Titan Company 3QFY21 Result Update By Mr. Amarjeet Maurya - AVP - Mid Caps, Angel Broking Ltd

For 3QFY2021, Titan Company Ltd (TCL)’s net sales grew by ~17% to Rs7,659cr led by an impressive festive season recovery in the Jewellery division. Jewellery business grew by 16% (excluding gold bullion sales) over the corresponding quarter of the previous year, the Watches and Wearables and Eyewear divisions also did well with the recovery rate for the quarter being 88% and 93% respectively. On the EBITDA front, the company reported margin contraction (down by 50bp YoY to 11.1%), primarily on account of higher operating cost. The reported net profit grew by ~12% YoY to Rs530cr. Overall results were in line with expectation. We have a neutral view on stock. 

 

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