Margin at 13% exp 11% , as we are highlighting that Titan may surprise consensus on margin in 2HFY22E/FY23E due to Higher making charges revenue which is based on Higher Gold prices / Multiple rationalisation in fixed cost thanks to Covid.
Sales INR 7493 cr
EBITDA INR 968 cr
Margin 12.9% exp 11%
PAT INR 641 cr
Still believe Titan has all the ingredients to double in 1.5 to 2 years by
1.Chances of margin expansion,
2.Return of demand and
3. New category creation in women’s wear
4.Rationalisation in eye wear biz at opportune time.
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