Titan Company Ltd - 4QFY21 Result Update by Mr. Amarjeet Maurya, Angel Broking
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Below are Views On Titan Company Ltd - 4QFY21 - Result Update by Mr. Amarjeet Maurya - AVP - Mid Caps, Angel Broking Ltd
For 4QFY2021, Titan Company Ltd (TCL)’s net sales grew by ~11% to Rs7,494cr due to strong sales in jewellery business. Further, Watches & Wearables and the Eyewear divisions have also made very good progress on recovery during the year. On the EBITDA front, the company reported margin contraction (down by 209bp YoY to 10.9%). Operating margins were muted primarily due to lower gross margins in both Jewellery and Watch segments basically arising out of higher sale of lower margin products (lower studded share, higher coin sale, large institutional sale of gold coins, higher wearables sales). The reported net profit grew by ~66% YoY to Rs568cr.
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