Titan Company Ltd

₹ 2,618 -0.79%
02 Dec - close price
About

Titan Company Ltd is among India’s most respected lifestyle companies. It has established leadership positions in the Watches, Jewellery and Eyewear categories led by its trusted brands and differentiated customer experience. It was founded in 1984 as a joint-venture between TATA Group and Tamilnadu Industrial Development Corporation (TIDCO). [1]

Key Points

Jewellery Division (89% of revenues) [1]
The company is the largest jewelry retailer in the country with manufacturing facilities located in Hosur, Pantnagar & Sikkim It sells jewelry through its brands Tanishq, Zoya, Mia & Caratlane. [2] [3]
This division has a strong retail presence of a total of ~580 retail stores. In FY22, Tanishq opened 36 new stores, Zoya added 1 store, CaratLane added 31 stores, and Mia by Tanishq added 10 stores.[4]
The company owns 72.3% economic interest in CaratLane which makes it a majority-owned subsidiary. [5]

  • Market Cap 232,414 Cr.
  • Current Price 2,618
  • High / Low 2,791 / 1,825
  • Stock P/E 73.5
  • Book Value 116
  • Dividend Yield 0.29 %
  • ROCE 22.1 %
  • ROE 26.2 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 31.6%

Cons

  • Stock is trading at 22.5 times its book value
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
4,435 6,206 4,429 1,862 4,318 7,287 7,135 3,249 7,170 9,515 7,276 8,961 8,730
3,922 5,471 3,825 2,108 4,024 6,429 6,340 3,105 6,216 8,116 6,494 7,797 7,496
Operating Profit 513 735 604 -246 294 858 795 144 954 1,399 782 1,164 1,234
OPM % 12% 12% 14% -13% 7% 12% 11% 4% 13% 15% 11% 13% 14%
31 20 40 39 71 -100 34 65 50 55 25 44 60
Interest 41 40 38 46 44 46 45 44 45 52 54 55 50
Depreciation 74 78 90 82 83 84 82 83 91 85 88 87 89
Profit before tax 429 637 516 -335 238 628 702 82 868 1,317 665 1,066 1,155
Tax % 25% 26% 31% 19% 16% 33% 25% 26% 26% 25% 26% 26% 26%
Net Profit 320 470 357 -270 199 419 529 61 641 987 491 793 857
EPS in Rs 3.60 5.29 4.02 -3.04 2.24 4.72 5.96 0.69 7.22 11.12 5.53 8.93 9.65
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
6,521 8,838 10,113 10,916 11,903 11,084 12,897 15,621 19,070 20,010 20,602 27,210 34,482
5,907 8,003 9,100 9,864 10,746 10,135 11,693 13,886 17,064 17,592 18,896 23,928 29,903
Operating Profit 614 835 1,012 1,051 1,158 949 1,204 1,736 2,006 2,418 1,706 3,282 4,579
OPM % 9% 9% 10% 10% 10% 9% 9% 11% 11% 12% 8% 12% 13%
54 92 99 117 66 69 -40 -7 104 146 39 192 184
Interest 35 44 51 87 81 42 37 48 44 149 181 195 211
Depreciation 34 45 54 66 87 87 93 110 139 310 331 347 349
Profit before tax 599 838 1,006 1,016 1,056 888 1,033 1,571 1,927 2,105 1,233 2,932 4,203
Tax % 28% 28% 28% 27% 22% 21% 26% 26% 29% 28% 29% 26%
Net Profit 430 600 725 741 823 698 762 1,163 1,374 1,517 877 2,180 3,128
EPS in Rs 4.85 6.76 8.17 8.35 9.27 7.86 8.58 13.10 15.48 17.09 9.88 24.56 35.23
Dividend Payout % 13% 26% 26% 25% 25% 28% 30% 29% 32% 23% 41% 31%
Compounded Sales Growth
10 Years: 12%
5 Years: 16%
3 Years: 13%
TTM: 39%
Compounded Profit Growth
10 Years: 14%
5 Years: 22%
3 Years: 16%
TTM: 82%
Stock Price CAGR
10 Years: 24%
5 Years: 28%
3 Years: 31%
1 Year: 10%
Return on Equity
10 Years: 24%
5 Years: 23%
3 Years: 21%
Last Year: 26%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
44 89 89 89 89 89 89 89 89 89 89 89 89
Reserves 981 1,361 1,876 2,435 3,003 3,446 4,223 5,105 6,093 6,736 7,464 9,284 10,242
68 6 0 806 100 113 1,867 1,604 2,288 3,269 5,243 6,605 6,488
2,642 3,238 3,911 2,777 2,680 2,661 2,138 2,599 3,000 3,094 3,064 4,159 4,998
Total Liabilities 3,736 4,694 5,876 6,107 5,872 6,308 8,318 9,396 11,470 13,188 15,860 20,137 21,817
283 369 449 596 683 654 707 974 1,069 2,053 1,959 1,925 2,009
CWIP 17 25 42 33 55 77 148 41 26 14 25 71 70
Investments 9 16 19 27 33 90 886 734 876 983 3,512 884 1,504
3,427 4,284 5,367 5,451 5,101 5,487 6,576 7,648 9,499 10,138 10,364 17,257 18,234
Total Assets 3,736 4,694 5,876 6,107 5,872 6,308 8,318 9,396 11,470 13,188 15,860 20,137 21,817

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,051 160 553 -551 508 567 1,768 299 1,249 -289 4,101 -1,126
-24 -62 -142 -275 -124 -151 -1,022 -179 -910 243 -2,744 1,564
-117 -234 -236 497 -1,004 -505 -154 -325 -442 -268 -1,260 -468
Net Cash Flow 910 -136 175 -330 -620 -89 592 -205 -102 -314 97 -30

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 6 7 6 5 6 4 3 5 7 4 5 7
Inventory Days 155 161 179 175 169 196 189 184 175 195 185 226
Days Payable 118 105 102 39 81 73 28 25 20 13 16 19
Cash Conversion Cycle 43 62 83 142 94 128 164 164 162 186 174 214
Working Capital Days -25 0 7 55 62 83 99 97 98 112 112 152
ROCE % 67% 69% 62% 42% 35% 27% 24% 26% 27% 24% 14% 22%

Shareholding Pattern

Numbers in percentages

7 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
52.91 52.91 52.91 52.90 52.90 52.90 52.90 52.90 52.90 52.90 52.90 52.90
18.31 17.74 17.55 18.05 18.59 18.10 18.41 19.06 18.56 18.40 16.77 17.04
9.10 10.87 10.81 10.97 10.86 11.13 9.87 10.10 10.29 10.21 11.26 11.71
0.18 0.23 0.36 0.35 0.35 0.35 0.21 0.16 0.16 0.16 0.16 0.17
19.50 18.26 18.38 17.73 17.30 17.53 18.61 17.78 18.09 18.33 18.91 18.17

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

Please click on the line-items to see the names of individual entities.

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