Titan Q4 Review - Lockdown To Play Spoilsport In The Near Term: Dolat Capital

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Dolat Capital Report

Titan Company Ltd.’s Q4 FY21 revenues were in line but Ebitda and adjusted profit after tax missed our estimate.

Strong wedding season aided jewellery demand. Further, correction in gold prices resulted in preponement of consumer buying gold jewellery.

However, lower contribution of studded jewellery (30% versus 37% in Q4 FY20) and higher contribution of coins (5% versus 3% in Q4 FY20) impacted segmental and company margin during the quarter.

Moreover, lockdown is expected to impact sales significantly in the ensuing quarters.

The company temporarily shut half of the stores as of April 2021 end and may shut more subsequently for safety concerns.

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