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 reduced debt.
Company is virtually debt free.
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 17.52 times its book value
The company has delivered a poor growth of 9.09% over past five years.

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
2,749 2,599 3,837 3,508 3,992 3,488 4,225 3,917 4,319 4,407 5,672 4,672
2,463 2,328 3,470 3,235 3,603 3,043 3,780 3,461 3,824 3,940 5,088 4,216
Operating Profit 286 271 367 272 389 444 445 455 495 467 584 456
OPM % 10% 10% 10% 8% 10% 13% 11% 12% 11% 11% 10% 10%
Other Income -77 9 12 25 17 20 18 -61 36 27 61 -15
Interest 9 12 8 8 11 14 10 12 9 11 13 12
Depreciation 24 23 24 22 25 25 29 30 35 37 33 33
Profit before tax 176 244 347 266 371 424 423 352 487 446 600 395
Tax % 27% 27% 27% 25% 28% 28% 27% 20% 28% 29% 31% 25%
Net Profit 129 179 253 201 267 306 308 282 349 314 416 295
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 19,070
1,895 2,812 3,590 4,372 5,907 8,003 9,100 9,864 10,746 10,135 11,693 13,886 17,068
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% 10%
Other Income -16 60 16 9 54 92 99 117 67 69 -40 -7 108
Interest 25 24 29 25 35 44 51 87 81 42 37 48 44
Depreciation 26 30 42 60 34 45 54 66 87 87 93 110 139
Profit before tax 132 202 231 321 599 838 1,006 1,016 1,056 888 1,033 1,571 1,927
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 1,374
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:22.08%
Compounded Profit Growth
10 Years:21.90%
5 Years:11.11%
3 Years:14.19%
TTM:18.19%
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 Mar 2019
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 6,093
Borrowings 247 257 175 73 68 6 0 806 100 113 1,867 1,604 0
625 917 1,067 1,307 2,664 3,261 3,936 2,807 2,710 2,600 2,199 2,633 5,288
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 11,470
251 272 274 263 283 369 449 596 683 654 707 974 1,070
CWIP 16 10 20 12 17 25 42 33 55 77 148 41 25
Investments 27 47 8 8 9 16 19 27 33 90 886 734 876
905 1,281 1,492 1,822 3,449 4,307 5,392 5,482 5,131 5,426 6,637 7,682 9,499
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 11,470

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