Fwd: Titan Industries Q2FY12 Result Update; Gold price volatility impacts. Maintain Hold; Target: Rs 225

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Deepak Vaishnav

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Oct 30, 2011, 12:49:10 PM10/30/11

Titan Industries Ltd

Gold price volatility impacts… Maintain Hold

HOLD

CMP: Rs226 Target Price: Rs225

n Titan sales registered 36.5% yoy revenue growth to Rs 21 bn, in line with our expectations. PAT grew 16% yoy to Rs 1.5 bn, in line with our estimates

n As expected, volumes in jewellery remained muted at 3% yoy - Driven by gold prices, jewellery reported 45% yoy growth to Rs 16.3 bn with PBIT margins remaining stable at 9.2%

n Watches division recorded 16% yoy revenue growth to Rs 4.2 bn, driven by 19% yoy volume growth. PBIT margins in this segment declined 540 bps to 16.1%

n Revise our EPS estimates upwards by +3% to Rs 6.8 for FY12E and maintain FY13E EPS of Rs 8.2 - Maintain our HOLD rating with target price of Rs 225/share

Regards,

Pritesh Chheda

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email: pritesh...@emkayglobal.com

Board No. : +91- 22- 6612 1212 | Extn. : 273 | DID : +91-22- 6612 1273 | Mob : +91 98208 07241

Sweta Jain
Research Analyst \| Emkay Global Financial Services Ltd. \| www.emkayglobal.com \| Email : sweta...@emkayglobal.com
Board No. : +91-22-6612 1212 \| Extn. : 479 \| DID : 6624 2479 \| Mob : +9198923 17596 \|

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Titan Industries Q2FY12 Result Update.pdf

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