Titan Company Ltd

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 (83% of revenues) [1]
Company is the largest jewellery retailer in the country. It sells jewellery through its brands Tanishq, Zoya, Mia & Caratlane. [2]
Its manufacturing facilities are located in Hosur, Patnagar & Sikkim [3] and the division has a strong retail presence of a total of ~500 retail stores. [4]
The company owns 72.3% economic interest in CaratLane which makes it a majority owned subsidiary. [5]

See full details
  • Market Cap 185,805 Cr.
  • Current Price 2,093
  • High / Low 2,150 / 1,108
  • Stock P/E 145
  • Book Value 84.4
  • Dividend Yield 0.19 %
  • ROCE 13.0 %
  • ROE 13.6 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 30.64%

Cons

  • Stock is trading at 24.78 times its book value
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
4,567 5,871 4,889 5,151 4,661 6,527 4,712 1,979 4,553 7,619 7,494 3,473
4,100 5,280 4,440 4,579 4,142 5,769 4,099 2,236 4,241 6,771 6,677 3,336
Operating Profit 467 591 448 572 519 758 612 -257 312 848 817 137
OPM % 10% 10% 9% 11% 11% 12% 13% -13% 7% 11% 11% 4%
Other Income 28 63 56 57 32 23 42 41 48 40 57 46
Interest 13 16 12 34 45 45 43 52 49 51 51 49
Depreciation 43 38 41 76 82 88 102 93 94 96 93 95
Profit before tax 439 600 452 520 424 648 509 -361 217 741 730 39
Tax % 31% 31% 23% 30% 26% 27% 33% 18% 20% 28% 22% 54%
Net Profit 306 413 354 364 315 474 346 -291 175 525 564 20
EPS in Rs 3.45 4.65 3.98 4.10 3.55 5.34 3.90 -3.28 1.97 5.91 6.35 0.23

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
4,773 6,533 8,848 10,123 10,927 11,913 11,276 13,261 16,120 19,779 21,052 21,644 23,139
4,374 5,915 8,011 9,109 9,880 10,761 10,337 12,097 14,476 17,785 18,589 19,919 21,025
Operating Profit 399 618 838 1,014 1,047 1,153 939 1,164 1,644 1,994 2,463 1,725 2,114
OPM % 8% 9% 9% 10% 10% 10% 8% 9% 10% 10% 12% 8% 9%
Other Income 10 55 92 99 117 67 69 -42 70 178 153 180 191
Interest 25 35 44 51 87 81 42 38 53 53 166 203 200
Depreciation 61 35 46 56 68 90 98 111 131 163 348 375 378
Profit before tax 323 603 840 1,006 1,010 1,049 868 973 1,530 1,957 2,102 1,327 1,727
Tax % 22% 28% 28% 28% 27% 22% 22% 28% 28% 29% 29% 27%
Net Profit 251 433 601 725 735 816 675 711 1,130 1,404 1,501 973 1,284
EPS in Rs 2.83 4.88 6.77 8.17 8.28 9.19 7.60 8.01 12.73 15.82 16.91 10.96 14.46
Dividend Payout % 26% 13% 26% 26% 25% 25% 29% 32% 29% 32% 24% 37%
Compounded Sales Growth
10 Years:13%
5 Years:14%
3 Years:10%
TTM:29%
Compounded Profit Growth
10 Years:8%
5 Years:7%
3 Years:-5%
TTM:52%
Stock Price CAGR
10 Years:26%
5 Years:39%
3 Years:37%
1 Year:89%
Return on Equity
10 Years:24%
5 Years:21%
3 Years:20%
Last Year:14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
44 44 89 89 89 89 89 89 89 89 89 89
Reserves 688 991 1,372 1,881 2,434 2,995 3,418 4,144 5,001 5,981 6,580 7,408
Borrowings 73 68 6 0 807 100 113 1,882 1,691 2,393 3,562 5,638
1,300 2,655 3,243 3,914 2,781 2,684 2,723 2,293 2,740 3,247 3,313 3,309
Total Liabilities 2,105 3,758 4,710 5,884 6,111 5,868 6,342 8,408 9,521 11,710 13,544 16,444
268 288 384 464 614 699 771 1,189 1,474 1,567 2,633 2,523
CWIP 12 17 25 42 33 55 107 152 43 32 18 32
Investments 2 3 2 3 3 3 30 431 36 108 158 2,824
1,823 3,451 4,299 5,375 5,461 5,111 5,434 6,636 7,968 10,003 10,735 11,065
Total Assets 2,105 3,758 4,710 5,884 6,111 5,868 6,342 8,408 9,521 11,710 13,544 16,444

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
342 1,053 163 553 -555 503 576 1,712 -51 1,243 -348 4,139
-32 -25 -70 -142 -271 -118 -159 -953 98 -797 235 -2,799
-169 -117 -235 -236 497 -1,005 -505 -166 -252 -489 -242 -1,234
Net Cash Flow 141 912 -142 176 -329 -620 -88 594 -206 -43 -355 106

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 7 7 7 6 5 6 6 6 7 8 5 6
Inventory Days 145 155 161 179 175 169 198 189 185 178 195 187
Days Payable 78 119 106 102 39 81 74 30 27 23 14 18
Cash Conversion Cycle 74 43 62 83 142 94 131 165 164 163 186 176
Working Capital Days 25 -22 1 7 55 62 78 94 99 99 112 113
ROCE % 46% 67% 69% 62% 42% 35% 27% 23% 25% 26% 24% 13%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
52.91 52.91 52.91 52.91 52.91 52.91 52.91 52.91 52.90 52.90 52.90 52.90
19.50 18.46 19.24 19.64 18.77 18.31 17.74 17.55 18.05 18.59 18.10 18.41
7.59 8.16 7.21 6.69 8.66 9.10 10.87 10.81 10.97 10.86 11.13 9.87
0.18 0.19 0.17 0.17 0.17 0.18 0.23 0.36 0.35 0.35 0.35 0.21
19.82 20.29 20.47 20.60 19.50 19.50 18.26 18.38 17.73 17.30 17.53 18.61

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