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 17.26 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

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
3,948 3,626 4,067 3,582 4,363 4,107 4,451 4,567 5,871 4,889 5,151 4,662
3,600 3,370 3,703 3,160 3,941 3,674 3,969 4,100 5,280 4,440 4,579 4,142
Operating Profit 349 256 364 422 422 434 482 467 591 448 572 520
OPM % 9% 7% 9% 12% 10% 11% 11% 10% 10% 9% 11% 11%
Other Income 16 28 18 20 21 13 36 28 63 56 57 32
Interest 8 9 11 15 11 17 11 13 16 12 34 45
Depreciation 29 28 30 31 35 36 41 43 38 41 76 82
Profit before tax 328 247 342 397 398 394 467 439 600 452 520 424
Tax % 29% 28% 30% 30% 29% 23% 30% 31% 31% 23% 30% 27%
Net Profit 237 178 243 284 288 315 328 306 413 348 364 303
EPS in Rs 2.62 2.01 2.74 3.20 3.17 3.55 3.73 3.45 4.65 3.98 4.12 3.41
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 20,573
2,810 3,612 4,374 5,915 8,011 9,109 9,880 10,761 10,337 12,097 14,476 17,785 18,441
Operating Profit 239 293 399 618 838 1,014 1,047 1,152 939 1,164 1,644 1,994 2,132
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 70 178 208
Interest 24 29 25 35 44 51 87 81 42 38 53 53 107
Depreciation 33 42 61 35 46 56 68 90 98 111 131 163 237
Profit before tax 200 238 323 603 840 1,006 1,010 1,049 868 973 1,530 1,957 1,995
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 1,428
EPS in Rs 1.59 1.76 2.71 4.67 6.49 7.81 7.92 8.73 7.15 8.01 12.73 15.82 16.16
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:17.64%
Compounded Profit Growth
10 Years:23.39%
5 Years:13.81%
3 Years:27.56%
TTM:15.06%
Stock Price CAGR
10 Years:33.65%
5 Years:25.85%
3 Years:54.19%
1 Year:26.84%
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 Sep 2019
44 44 44 44 89 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 5,978
Borrowings 210 167 73 68 6 0 807 100 113 1,882 1,691 2,393 4,805
951 1,074 1,319 2,677 3,267 3,941 2,813 2,715 2,726 2,293 2,782 3,300 3,564
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 14,437
278 280 268 288 384 464 614 699 771 1,189 1,474 1,567 2,482
CWIP 10 20 12 17 25 42 33 55 107 152 43 32 33
Investments 2 2 2 3 2 3 3 3 30 431 36 108 43
1,316 1,497 1,842 3,473 4,323 5,402 5,492 5,142 5,437 6,636 8,010 10,057 11,878
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 14,437

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