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 31.17%
Cons:
Stock is trading at 16.94 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 Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
2,680 3,948 3,626 4,067 3,582 4,363 4,107 4,451 4,567 5,871 4,889 5,151
2,416 3,600 3,370 3,703 3,160 3,941 3,674 3,969 4,100 5,280 4,440 4,579
Operating Profit 264 349 256 364 422 422 434 482 467 591 448 572
OPM % 10% 9% 7% 9% 12% 10% 11% 11% 10% 10% 9% 11%
Other Income 8 16 28 18 20 21 13 36 28 63 56 57
Interest 12 8 9 11 15 11 17 11 13 16 12 34
Depreciation 28 29 28 30 31 35 36 41 43 38 41 76
Profit before tax 232 328 247 342 397 398 394 467 439 600 452 520
Tax % 28% 29% 28% 30% 30% 29% 23% 30% 31% 31% 23% 30%
Net Profit 166 237 178 243 284 288 315 328 306 413 348 364
EPS in Rs 1.87 2.62 2.01 2.74 3.20 3.17 3.55 3.73 3.45 4.65 3.98 4.12
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
3,049 3,905 4,773 6,533 8,848 10,123 10,927 11,913 11,276 13,261 16,120 19,779 20,479
2,810 3,612 4,374 5,915 8,011 9,109 9,880 10,761 10,337 12,097 14,476 17,785 18,399
Operating Profit 239 293 399 618 838 1,014 1,047 1,152 939 1,164 1,644 1,994 2,079
OPM % 8% 8% 8% 9% 9% 10% 10% 10% 8% 9% 10% 10% 10%
Other Income 18 16 10 55 92 99 117 67 69 -42 70 178 204
Interest 24 29 25 35 44 51 87 81 42 38 53 53 76
Depreciation 33 42 61 35 46 56 68 90 98 111 131 163 198
Profit before tax 200 238 323 603 840 1,006 1,010 1,049 868 973 1,530 1,957 2,010
Tax % 26% 31% 22% 28% 28% 28% 27% 22% 22% 28% 28% 29%
Net Profit 148 164 251 433 601 725 735 816 675 711 1,130 1,404 1,431
EPS in Rs 1.59 1.76 2.71 4.68 6.49 7.81 7.92 8.73 7.15 8.01 12.73 15.82 16.20
Dividend Payout % 24% 27% 26% 13% 26% 26% 25% 25% 29% 32% 29% 32%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:17.61%
5 Years:12.60%
3 Years:20.60%
TTM:24.09%
Compounded Profit Growth
10 Years:23.39%
5 Years:13.81%
3 Years:27.56%
TTM:17.79%
Return on Equity
10 Years:28.17%
5 Years:23.93%
3 Years:23.66%
Last Year:25.22%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 401 513 688 991 1,372 1,881 2,434 2,995 3,418 4,144 5,001 5,981
Borrowings 210 167 73 68 6 0 807 100 113 1,882 1,691 2,393
951 1,074 1,319 2,677 3,267 3,941 2,813 2,715 2,726 2,293 2,782 3,300
Total Liabilities 1,606 1,799 2,123 3,781 4,734 5,911 6,143 5,899 6,345 8,408 9,563 11,763
278 280 268 288 384 464 614 699 771 1,189 1,474 1,567
CWIP 10 20 12 17 25 42 33 55 107 152 43 32
Investments 2 2 2 3 2 3 3 3 30 431 36 108
1,316 1,497 1,842 3,473 4,323 5,402 5,492 5,142 5,437 6,636 8,010 10,057
Total Assets 1,606 1,799 2,123 3,781 4,734 5,911 6,143 5,899 6,345 8,408 9,563 11,763

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
108 165 342 1,053 163 553 -555 503 576 1,712 -51 1,243
-62 -58 -32 -25 -70 -142 -271 -118 -159 -953 98 -797
-41 -106 -169 -117 -235 -236 497 -1,005 -505 -166 -252 -489
Net Cash Flow 4 1 141 912 -142 176 -329 -620 -88 594 -206 -43

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 38% 40% 46% 67% 69% 62% 42% 35% 27% 23% 25% 26%
Debtor Days 12 10 7 7 7 6 5 6 6 6 7 8
Inventory Turnover 3.54 3.47 3.74 3.91 3.63 3.09 2.89 3.01 2.65 2.83 2.97 3.05