Titan Company Q1 Review - Commendable Result Amid The Lockdown, Further Recovery Underway: Motilal Oswal

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Motilal Oswal Report

Despite losing out on sales for a large part of May 2021 due to the lockdowns across the country, Titan Company Ltd. reported a decline of only ~33% over Q1 FY20 (normal) levels.

This was to some extent aided by bullion sales of Rs 4.24 billion.

Titan's margin performance was also better than expected, led by cost savings and better than expected sales.

Watches and eyewear seem to be reporting a much faster recovery versus that witnessed after the lifting of lockdown restrictions last year.

With the recovery in June 2021 continuing into July 2021 as well, pent up demand and a healthy wedding season demand outlook appears attractive.

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