Titan Company Limited - 500114 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Schedule of Analyst / Institutional Investor Meeting30-08-2022
30-08-2022
Titan hits over 4-month high on expansion plan; stock zooms 11% in 1 month
The company's strong growth outlook, industry tailwinds in the medium term and strong balance sheet makes it a best play in the retail space26-08-2022
Titan case: Sebi fines 8 individuals for breach of insider trading norms
Markets regulator Sebi on Wednesday imposed fines totalling Rs 8 lakh on eight individuals for violation of insider trading norms in the shares of Titan Company Ltd. The regulator slapped a fine of Rs 1 lakh each on Kuldeep Singh Yadav, Ganesh Kumar K, K Ramakrishna, P Tamilarasan, O Boopathi, Ketan Shantilal Savaliya, Rakesh Kishor Rathod and Soma Bhattacharya, according to eight separate orders. The transactions were carried out by the designated persons/employees of Titan between April 2018 and March 2019. The order came after Sebi received a letter from Titan Company Ltd (TCL) wherein the company intimated the market watchdog about contravention of PIT (Prohibition of Insider Trading) regulations and the company's code of conduct by some of its designated persons/employees. Thereafter, Sebi conducted an investigation into the shares of TCL and observed several non-compliances with PIT rules during the period April 2018 to March 2019. During their employment, they had transacte25-08-2022
Time to celebrate?: Titan gets its shine back with a strong Q1 performance
Over the years, Titan has transformed itself from a watchmaker to a lifestyle company, with jewellery being the leading vertical contributing to 85% of revenues. During the pandemic, with restrictions on large gatherings and a slowdown in discretionary spending, sales had been heavily impacted. Q1FY23 was the first “normal” quarter with no restrictions, and Titan has reasons to celebrate. Titan’s quarterly results reflected a strong festive/wedding season and normalcy after a gap of two years, with the jewellery business registering its second highest ever quarterly revenues in Q1FY23. Quick Takes Revenue in Q1FY23 stood at Rs 9.487 crore, a YoY growth of 170%, compared to Rs 3,519 crore in Q1FY22 (excluding bullion sales) The company has posted its highest ever profit of Rs 1,066 crores (before taxes) in Q1FY23, compared to Rs 82 crores in Q1 FY22 Watches and wearables business reported its best quarterly revenue of Rs 785 crores with 169% growth in Q1 FY23 compared to Rs 292 crores in Q1 FY22 EyeCare business also reported its highest quarterly revenue of Rs 183 crores with 173% growth in Q1FY23 compared to Rs 67 crores in Q1 FY22 Expansion of stores across brands and segments in Q1FY23 All segments grew YoY by a large margin in Q1FY23 Comparing Titan’s Q1FY23 results with the same quarter a year ago is tricky. Q1FY22 was one of the worst affected quarters during the pandemic and any comparison with Q1FY23 is on the low base of last year. While Q1FY22 was highly impacted, subsequent quarters generated much higher revenues, resulting in FY22 seeing the company’s highest ever annual revenues. The current results, if anything, are pointing towards Titan surpassing revenues of FY22 in FY23. Revenues in Q1FY23 were Rs 9,487 crore, up 170% YoY, while net profit YoY was up 38 times to Rs 785 crore. Titan managed to surpass Trendlyne Forecaster’s revenue and net profit estimates by 1.7% and 1%, respectively. Jewellery verticals profits (before tax and interest) increase YoY by 5X Titan’s jewellery vertical reported an EBIT margin of 13.5% in Q1FY23. The margins in Q1FY23 had 80-90 bps gains from higher diamond prices and spot gold purchases and these might extend over the next two quarters as well. Sales during Akshaya Tritiya rebounded strongly after a three-year gap. Gold and studded jewellery both grew by about 260+% YoY. Titan’s regionalisation strategy in key focus markets (regions where it has a lower market share than its national average) is bearing fruit with higher market share gains in the southern and eastern regions. The wedding jewellery segment recorded a healthy growth of 178% YoY, though its contribution to the overall sales was marginally lower. Golden Harvest, a scheme which allows the customer to pay for jewellery in instalments, saw enrolments rising vis-à-vis buyer growth, a positive sign for buyer intent. Watches and wearables vertical record highest quarterly revenues with higher ad spends The watches and wearables vertical recorded its best ever quarterly revenues on the back of healthy growth across channels and brands. Growth in all channels came off a low base of Q1FY22 (except e-commerce). Wearables grew nearly five times YoY due to the addition of new products. This was aided by advertising spends across brands and categories of Rs 67 crore. The EBIT margin improved to 13.1% , the best over several quarters post-Covid, due to a better brand and channel mix with strategic positioning of mass brands like Fastrack in tier-2 and tier-3 cities and the high end watches via Helios in metros. Online sales contributed to 19% of total sales in this vertical. Eyecare posts highest quarterly sales with addition of new stores The eyecare vertical achieved its highest quarterly revenues of Rs 183 crore in Q1FY23 led by growth in all its major categories. 56 new stores were added in this quarter taking the total count to 789 stores. Prescription eyewear retail by Fastrack, a new initiative by Titan EyeCare, expanded its reach with the addition of two new brand stores in Bengaluru, targeted at the youth segment. Among the other business verticals, Fragrances and Fashion Accessories (F&FA;) had a 275% YoY growth driven by healthy growth in modern trade and e-commerce. In Fragrances, Brand SKINN tapped into the premium segment with the launch of ‘SKINN Nox’ in both Homme & Femme variants. Taneira’s sales grew 608% YoY on a low base. It continued to expand its national presence adding 6 stores in Q1FY23 and is now present in 11 cities including all four metros. CaratLane (a subsidiary of Titan) continues to deliver healthy growth with revenue of Rs 482 crore with a 6.9% EBIT margin. In terms of store addition, it added six stores in Tanishq taking the total count to 395 and 13 Mia stores with a total count of 63 along with five CaratLane stores with a final tally of 143 stores. Both watches and eyewear had a good sequential recovery, up 26% and 37% QoQ respectively. In watches, growth continues to be good in the wearables category. The company added 26 World of Titan stores and 15 Helios stores. In eye care, 56 new stores were added. Management remains optimistic about growth targets In the post-results conference call, the management said that the increase of customs duty will generate inventory gains in the next two quarters. Its jewellery market share has increased to 6%-7% from 3%-4% over the last three years. The management clarified that making charges will continue to remain at a premium to competitors. The management remains bullish on the outlook for jewellery growth and targets a revenue CAGR of 20% in FY23. Digital sales contribution stands at 6% in Q1FY23. Titan has an aggressive expansion plan to open 50 (on average 35-40) Tanishq stores in FY23. Wearable revenues form less than 10% of total revenue and are rising on a QoQ basis. Titan is likely to continue its long-term growth story with the jewellery vertical gaining market share from store expansion, focus on regional jewellery preferences and jewellery hallmarking benefits. The strategy of expanding both online and offline stores in jewellery, watches and eyewear, and investments in newer brands like Caratlane, Titan Eye+ and Taneira should result in higher contributions from these categories. Entry into high growth and higher margin segments like wearables such as smart watches, headphones and wireless earphones are expected to play out over the next few quarters. It should come as no surprise if Titan ends FY23 beating FY22 across most metrics.24-08-2022
Titan Company Limited - 500114 - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Intimation towards loss of Share Certificate under Regulation 39(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.18-08-2022
Titan Company Limited - 500114 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Schedule of Analyst / Institutional Investor Meeting.18-08-2022
Titan, Kalyan: Jewellery stocks to dazzle in festive season, say analysts
Analysts see more upside for jewellery stocks as festive demand kicks in post the correction of gold prices.18-08-2022
Titan Company Limited - 500114 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Schedule of Analyst / Institutional Investor Meeting.17-08-2022
RJ's first purchase of Titan was made by chance, from a stroke of good luck, but later additions was stuff of legend: Ramesh Damani
Jhunjhunwala's extraordinary journey has many milestones, among them one is his call on Titan, when the company was deep in debt16-08-2022
Titan Company Limited - 500114 - Announcement under Regulation 30 (LODR)-Earnings Call Transcript
Earnings Call Transcripts.12-08-2022