Titan Company Ltd

Titan Company is engaged in offering watches, jewelry and others. The Company's segments include Watches, Jewellery, Eyewear and Others. The Company offers plain and studded gold jewelry brands, such as Tanishq, GoldPlus, Zoya, Mia, which are retailed through Tanishq, GoldPlus, Zoya & Mia stores.

Pros:
Company has a good return on equity (ROE) track record: 3 Years ROE 23.08%
Company has been maintaining a healthy dividend payout of 28.98%
Cons:
Stock is trading at 17.74 times its book value
The company has delivered a poor growth of 9.09% over past five years.
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

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
2,391 2,749 2,599 3,837 3,508 3,992 3,488 4,225 3,917 4,319 4,407 5,672
2,183 2,463 2,328 3,470 3,235 3,603 3,043 3,780 3,461 3,824 3,940 5,088
Operating Profit 209 286 271 367 272 389 444 445 455 495 467 584
OPM % 9% 10% 10% 10% 8% 10% 13% 11% 12% 11% 11% 10%
Other Income 26 -77 9 12 25 17 20 18 -61 36 27 61
Interest 10 9 12 8 8 11 14 10 12 9 11 13
Depreciation 23 24 23 24 22 25 25 29 30 35 37 33
Profit before tax 201 176 244 347 266 371 424 423 352 487 446 600
Tax % 7% 27% 27% 27% 25% 28% 28% 27% 20% 28% 29% 31%
Net Profit 187 129 179 253 201 267 306 308 282 349 314 416
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
2,093 3,007 3,876 4,770 6,521 8,838 10,113 10,916 11,903 11,084 12,897 15,621 18,315
1,895 2,812 3,590 4,372 5,907 8,003 9,100 9,864 10,746 10,135 11,693 13,886 16,313
Operating Profit 198 196 286 398 614 835 1,012 1,051 1,157 949 1,204 1,736 2,002
OPM % 9% 6% 7% 8% 9% 9% 10% 10% 10% 9% 9% 11% 11%
Other Income -16 60 16 9 54 92 99 117 67 69 -40 -7 63
Interest 25 24 29 25 35 44 51 87 81 42 37 48 45
Depreciation 26 30 42 60 34 45 54 66 87 87 93 110 135
Profit before tax 132 202 231 321 599 838 1,006 1,016 1,056 888 1,033 1,571 1,885
Tax % 29% 26% 31% 22% 28% 28% 28% 27% 22% 21% 26% 26%
Net Profit 94 150 159 250 430 600 725 741 823 698 762 1,163 1,362
EPS in Rs 1.01 1.62 1.71 2.70 4.65 6.48 7.81 7.99 8.80 7.41 8.58 13.10
Dividend Payout % 24% 24% 28% 27% 13% 26% 26% 25% 25% 28% 30% 29%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:17.91%
5 Years:9.09%
3 Years:9.48%
TTM:20.40%
Compounded Profit Growth
10 Years:21.90%
5 Years:11.11%
3 Years:14.19%
TTM:25.93%
Return on Equity
10 Years:29.63%
5 Years:25.44%
3 Years:23.08%
Last Year:25.88%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
44 44 44 44 44 89 89 89 89 89 89 89 89
Reserves 283 392 507 680 981 1,361 1,876 2,435 3,003 3,446 4,223 5,105 5,429
Borrowings 247 257 175 73 68 6 0 806 100 113 1,867 1,604 50
625 917 1,067 1,307 2,664 3,261 3,936 2,807 2,710 2,600 2,199 2,633 5,437
Total Liabilities 1,199 1,611 1,794 2,104 3,758 4,717 5,901 6,137 5,902 6,247 8,378 9,431 11,005
251 272 274 263 283 369 449 596 683 654 707 974 1,005
CWIP 16 10 20 12 17 25 42 33 55 77 148 41 37
Investments 27 47 8 8 9 16 19 27 33 90 886 734 744
905 1,281 1,492 1,822 3,449 4,307 5,392 5,482 5,131 5,426 6,637 7,682 9,218
Total Assets 1,199 1,611 1,794 2,104 3,758 4,717 5,901 6,137 5,902 6,247 8,378 9,431 11,005

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
126 102 160 342 1,051 160 553 -551 508 567 1,768 299
-91 -62 -57 -32 -24 -62 -142 -275 -124 -151 -1,022 -180
-24 -39 -100 -178 -117 -234 -236 497 -1,004 -505 -154 -325
Net Cash Flow 12 2 3 132 910 -136 175 -330 -620 -89 592 -205

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 34% 40% 38% 46% 67% 69% 62% 42% 35% 27% 24% 26%
Debtor Days 16 12 10 7 6 7 6 5 6 4 3 5
Inventory Turnover 3.98 3.54 3.49 3.75 3.91 3.63 3.08 2.89 3.01 2.63 2.81 2.96