Titan Company Limited is an Indian company which primarily manufactures fashion accessories particularly as jewellery, watches and eyewear. The company belongs to the Tata Group and it commenced as a joint venture with the TIDCO. The company has its corporate headquarters in Bangalore and registered office in Hosur, Tamil Nadu.
Titan company established its operations in 1984 under the name of Titan Watches Limited. In 1994, the company diversified into jewellery with Tanishq and eventually into eyewear with Titan Eyeplus. In 2005, the company opened its youth fashion accessories brand Fastrack. Titan is the biggest branded jewellery creator in India with greater than 80% of their total revenues being achieved from the jewellery segment. As of 2022, Titan owns a 6% market share in India’s jewellery market. Globally as of 2019, the company is the 5th largest watch manufacturer in the world.
Quarterly Growth Walkthrough
Titan Company has registered a decline of 9.8% in their consolidated net profit for third quarter of December 2022 at Rs 913 crore as compared with Rs 1012 crore which was reported in the same quarter of previous fiscal year.
The total revenue from operations was registered at Rs 11,609 crore which is a growth of 15.6% from Rs 10,037 crore in the previous year quarter.
The EBITDA was computed at Rs. 1,436 crores in December 2022 which has declined by 4.2% from Rs. 1,499.00 crore as reported in December 2021.
The EPS has fallen to Rs. 10.18 in December 2022 from Rs. 11.31 in December 2021.
Segment wise performance
The Watches & Wearables business segment registered a total income of Rs 811 crore which is up by 15% as compared to the previous year quarter.
The eyecare business segment registered a total income of Rs 174 crore which is up by 12% as compared to the previous year quarter.
The company has grown by an addition of 111 new stores in Q3FY23 which takes the total count to 2,362 stores in FY23.
Technical Analysis
Titan share price is facing tough resistance at the 261.8% retracement level as the price fails to make a strong breakout. The price seems to be steadily taking support along the trendline which is marked with blue colour. Investors may accumulate the stock when the price is near the trendline. The next target at the retracement level of 423.6% is at Rs 3555 which can be achieved in the long-term.
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