Titan Company Ltd

₹ 2,607 2.98%
30 Sep - close price
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 (89% of revenues) [1]
The company is the largest jewelry retailer in the country with manufacturing facilities located in Hosur, Pantnagar & Sikkim It sells jewelry through its brands Tanishq, Zoya, Mia & Caratlane. [2] [3]
This division has a strong retail presence of a total of ~580 retail stores. In FY22, Tanishq opened 36 new stores, Zoya added 1 store, CaratLane added 31 stores, and Mia by Tanishq added 10 stores.[4]
The company owns 72.3% economic interest in CaratLane which makes it a majority-owned subsidiary. [5]

  • Market Cap 231,441 Cr.
  • Current Price 2,607
  • High / Low 2,768 / 1,825
  • Stock P/E 77.8
  • Book Value 105
  • Dividend Yield 0.29 %
  • ROCE 21.4 %
  • ROE 26.4 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 30.3%

Cons

  • Stock is trading at 24.9 times its book value
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
5,151 4,661 6,527 4,712 1,979 4,553 7,619 7,494 3,473 7,493 10,037 7,796 9,443
4,579 4,142 5,769 4,099 2,236 4,241 6,771 6,677 3,336 6,525 8,595 7,002 8,247
Operating Profit 572 519 758 612 -257 312 848 817 137 968 1,442 794 1,196
OPM % 11% 11% 12% 13% -13% 7% 11% 11% 4% 13% 14% 10% 13%
57 32 23 42 41 48 40 57 46 55 57 22 44
Interest 34 45 45 43 52 49 51 51 49 51 57 61 65
Depreciation 76 82 88 102 93 94 96 93 95 104 98 102 103
Profit before tax 520 424 648 509 -361 217 741 730 39 868 1,344 653 1,072
Tax % 30% 26% 27% 33% 18% 20% 28% 22% 54% 26% 25% 19% 26%
Net Profit 364 312 474 343 -297 173 530 568 18 641 1,012 527 790
EPS in Rs 4.10 3.55 5.34 3.90 -3.28 1.97 5.91 6.35 0.23 7.20 11.31 5.74 8.84
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
6,533 8,848 10,123 10,927 11,913 11,276 13,261 16,120 19,779 21,052 21,644 28,799 34,769
5,915 8,011 9,109 9,880 10,761 10,337 12,097 14,476 17,785 18,589 19,919 25,455 30,369
Operating Profit 618 838 1,014 1,047 1,153 939 1,164 1,644 1,994 2,463 1,725 3,344 4,400
OPM % 9% 9% 10% 10% 10% 8% 9% 10% 10% 12% 8% 12% 13%
55 92 99 117 67 69 -42 70 178 153 180 177 178
Interest 35 44 51 87 81 42 38 53 53 166 203 218 234
Depreciation 35 46 56 68 90 98 111 131 163 348 375 399 407
Profit before tax 603 840 1,006 1,010 1,049 868 973 1,530 1,957 2,102 1,327 2,904 3,937
Tax % 28% 28% 28% 27% 22% 22% 28% 28% 29% 29% 27% 24%
Net Profit 433 601 725 735 816 675 697 1,102 1,389 1,493 974 2,198 2,970
EPS in Rs 4.88 6.77 8.17 8.28 9.19 7.60 8.01 12.73 15.82 16.91 10.96 24.48 33.09
Dividend Payout % 13% 26% 26% 25% 25% 29% 32% 29% 32% 24% 37% 31%
Compounded Sales Growth
10 Years: 13%
5 Years: 17%
3 Years: 13%
TTM: 50%
Compounded Profit Growth
10 Years: 14%
5 Years: 23%
3 Years: 17%
TTM: 132%
Stock Price CAGR
10 Years: 26%
5 Years: 34%
3 Years: 26%
1 Year: 20%
Return on Equity
10 Years: 24%
5 Years: 22%
3 Years: 21%
Last Year: 26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
44 89 89 89 89 89 89 89 89 89 89 89
Reserves 991 1,372 1,881 2,434 2,995 3,418 4,144 5,001 5,981 6,580 7,408 9,214
68 6 0 807 100 113 1,882 1,691 2,393 3,562 5,638 7,275
2,655 3,243 3,914 2,781 2,684 2,723 2,293 2,740 3,247 3,313 3,309 4,610
Total Liabilities 3,758 4,710 5,884 6,111 5,868 6,342 8,408 9,521 11,710 13,544 16,444 21,188
288 384 464 614 699 771 1,189 1,474 1,567 2,633 2,523 2,544
CWIP 17 25 42 33 55 107 152 43 32 18 32 85
Investments 3 2 3 3 3 30 431 36 108 158 2,824 294
3,451 4,299 5,375 5,461 5,111 5,434 6,636 7,968 10,003 10,735 11,065 18,265
Total Assets 3,758 4,710 5,884 6,111 5,868 6,342 8,408 9,521 11,710 13,544 16,444 21,188

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,053 163 553 -555 503 576 1,712 -51 1,243 -348 4,139 -724
-25 -70 -142 -271 -118 -159 -953 98 -797 235 -2,799 1,165
-117 -235 -236 497 -1,005 -505 -166 -252 -489 -242 -1,234 -403
Net Cash Flow 912 -142 176 -329 -620 -88 594 -206 -43 -355 106 38

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 7 7 6 5 6 6 6 7 8 5 6 7
Inventory Days 155 161 179 175 169 198 189 185 178 195 187 230
Days Payable 119 106 102 39 81 74 30 27 23 14 18 22
Cash Conversion Cycle 43 62 83 142 94 131 165 164 163 186 176 215
Working Capital Days -22 1 7 55 62 78 94 99 99 112 113 146
ROCE % 67% 69% 62% 42% 35% 27% 23% 25% 26% 24% 13% 21%

Shareholding Pattern

Numbers in percentages

12 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
52.91 52.91 52.91 52.91 52.90 52.90 52.90 52.90 52.90 52.90 52.90 52.90
18.77 18.31 17.74 17.55 18.05 18.59 18.10 18.41 19.06 18.56 18.40 16.77
8.66 9.10 10.87 10.81 10.97 10.86 11.13 9.87 10.10 10.29 10.21 11.26
0.17 0.18 0.23 0.36 0.35 0.35 0.35 0.21 0.16 0.16 0.16 0.16
19.50 19.50 18.26 18.38 17.73 17.30 17.53 18.61 17.78 18.09 18.33 18.91

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