Titan Company Ltd

Titan Company is primarily involved in manufacturing and sale of Watches, Jewellery, Eyewear and other accessories and products.(Source : 201803 Annual Report Page No:127)

Pros:
Company has been maintaining a healthy dividend payout of 30.41%
Cons:
Stock is trading at 18.68 times its book value
Company might be capitalizing the interest cost

Peer Comparison Sector: Diamond, Gems and Jewellery // Industry: Diamond Cutting / Jewellery

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
2,599 3,837 3,508 3,992 3,488 4,225 3,917 4,319 4,407 5,672 4,672 4,940
2,328 3,470 3,235 3,603 3,043 3,780 3,461 3,824 3,940 5,088 4,216 4,374
Operating Profit 271 367 272 389 444 445 455 495 467 584 456 565
OPM % 10% 10% 8% 10% 13% 11% 12% 11% 11% 10% 10% 11%
Other Income 9 12 25 17 20 18 -61 36 27 61 -15 56
Interest 12 8 8 11 14 10 12 9 11 13 12 30
Depreciation 23 24 22 25 25 29 30 35 37 33 33 68
Profit before tax 244 347 266 371 424 423 352 487 446 600 395 523
Tax % 27% 27% 25% 28% 28% 27% 20% 28% 29% 31% 25% 29%
Net Profit 179 253 201 267 306 308 282 349 314 416 295 371
EPS in Rs 2.01 2.85 2.26 3.01 3.44 3.47 3.18 3.93 3.54 4.69 3.32 4.18
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
3,007 3,876 4,770 6,521 8,838 10,113 10,916 11,903 11,084 12,897 15,621 19,070 19,691
2,812 3,590 4,372 5,907 8,003 9,100 9,864 10,746 10,135 11,693 13,886 17,064 17,619
Operating Profit 196 286 398 614 835 1,012 1,051 1,157 949 1,204 1,736 2,006 2,072
OPM % 6% 7% 8% 9% 9% 10% 10% 10% 9% 9% 11% 11% 11%
Other Income 60 16 9 54 92 99 117 67 69 -40 -7 104 129
Interest 24 29 25 35 44 51 87 81 42 37 48 44 66
Depreciation 30 42 60 34 45 54 66 87 87 93 110 139 172
Profit before tax 202 231 321 599 838 1,006 1,016 1,056 888 1,033 1,571 1,927 1,963
Tax % 26% 31% 22% 28% 28% 28% 27% 22% 21% 26% 26% 29%
Net Profit 150 159 250 430 600 725 741 823 698 762 1,163 1,374 1,396
EPS in Rs 1.62 1.71 2.70 4.65 6.48 7.81 7.99 8.80 7.41 8.58 13.10 15.48 15.73
Dividend Payout % 24% 28% 27% 13% 26% 26% 25% 25% 28% 30% 29% 32%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:17.27%
5 Years:11.80%
3 Years:19.83%
TTM:23.47%
Compounded Profit Growth
10 Years:23.91%
5 Years:13.91%
3 Years:26.70%
TTM:12.11%
Stock Price CAGR
10 Years:34.17%
5 Years:27.73%
3 Years:49.70%
1 Year:64.90%
Return on Equity
10 Years:28.60%
5 Years:24.50%
3 Years:24.31%
Last Year:25.06%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
44 44 44 44 89 89 89 89 89 89 89 89
Reserves 392 507 680 981 1,361 1,876 2,435 3,003 3,446 4,223 5,105 6,093
Borrowings 257 175 73 68 6 0 806 100 113 1,867 1,604 2,288
917 1,067 1,307 2,664 3,261 3,936 2,807 2,710 2,600 2,199 2,631 3,044
Total Liabilities 1,611 1,794 2,104 3,758 4,717 5,901 6,137 5,902 6,247 8,378 9,429 11,513
272 274 263 283 369 449 596 683 654 707 974 1,069
CWIP 10 20 12 17 25 42 33 55 77 148 41 26
Investments 47 8 8 9 16 19 27 33 90 886 734 876
1,281 1,492 1,822 3,449 4,307 5,392 5,482 5,131 5,426 6,637 7,680 9,542
Total Assets 1,611 1,794 2,104 3,758 4,717 5,901 6,137 5,902 6,247 8,378 9,429 11,513

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
102 160 342 1,051 160 553 -551 508 567 1,768 299 1,249
-62 -57 -32 -24 -62 -142 -275 -124 -151 -1,022 -179 -910
-39 -100 -178 -117 -234 -236 497 -1,004 -505 -154 -325 -442
Net Cash Flow 2 3 132 910 -136 175 -330 -620 -89 592 -205 -102

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 40% 38% 46% 67% 69% 62% 42% 35% 27% 24% 26% 27%
Debtor Days 12 10 7 6 7 6 5 6 4 3 5 7
Inventory Turnover 3.54 3.49 3.75 3.91 3.63 3.08 2.89 3.01 2.63 2.81 2.96 3.06

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