Though on reported basis, Titan’s top-line performance in June 2020 quarter (Q1) and business recovery updates look good, a closer look indicates that good times are still far away.
To start with, while on a standalone basis, Titan reported a 62.3 per cent year-on-year decline in revenue in Q1 at Rs 1,862 crore, which was better than analysts’ expectations of Rs 1,815 crore, according to Bloomberg consensus, it was partly supported by other operating income of Rs 601 crore from the sale of gold-ingots. While the sale of gold ingots may sustain going ahead, ...
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