Titan Company Ltd

Titan Company is engaged in offering watches, jewelry and others. The Company's segments include Watches, Jewellery, Eyewear and Others. The Company offers plain and studded gold jewelry brands, such as Tanishq, GoldPlus, Zoya, Mia, which are retailed through Tanishq, GoldPlus, Zoya & Mia stores.

Pros:
Company has been maintaining a healthy dividend payout of 30.29%
Cons:
Stock is trading at 17.17 times its book value
The company has delivered a poor growth of 9.75% over past five years.
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

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
2,803 2,680 3,948 3,626 4,067 3,582 4,363 4,107 4,451 4,567 5,871
2,516 2,416 3,600 3,370 3,703 3,160 3,941 3,674 3,969 4,100 5,280
Operating Profit 287 264 349 256 364 422 422 434 482 467 591
OPM % 10% 10% 9% 7% 9% 12% 10% 11% 11% 10% 10%
Other Income -83 8 16 28 18 20 21 13 36 28 63
Interest 9 12 8 9 11 15 11 17 11 13 16
Depreciation 26 28 29 28 30 31 35 36 41 43 38
Profit before tax 168 232 328 247 342 397 398 394 467 439 600
Tax % 28% 28% 29% 28% 30% 30% 29% 23% 30% 31% 31%
Net Profit 121 166 237 178 243 284 288 315 331 306 413
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
2,132 3,049 3,905 4,773 6,533 8,848 10,123 10,927 11,913 11,276 13,261 16,120 18,997
1,944 2,810 3,612 4,374 5,915 8,011 9,109 9,880 10,761 10,337 12,097 14,473 17,023
Operating Profit 188 239 293 399 618 838 1,014 1,047 1,152 939 1,164 1,647 1,974
OPM % 9% 8% 8% 8% 9% 9% 10% 10% 10% 8% 9% 10% 10%
Other Income 1 18 16 10 55 92 99 117 67 69 -42 67 139
Interest 25 24 29 25 35 44 51 87 81 42 38 53 57
Depreciation 26 33 42 61 35 46 56 68 90 98 111 131 158
Profit before tax 138 200 238 323 603 840 1,006 1,010 1,049 868 973 1,530 1,899
Tax % 28% 26% 31% 22% 28% 28% 28% 27% 22% 22% 28% 28%
Net Profit 100 148 164 251 433 601 725 735 816 675 711 1,130 1,366
EPS in Rs 1.08 1.59 1.76 2.71 4.68 6.49 7.81 7.92 8.73 7.15 8.01 12.73
Dividend Payout % 22% 24% 27% 26% 13% 26% 26% 25% 25% 29% 32% 29%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:18.12%
5 Years:9.75%
3 Years:10.60%
TTM:21.48%
Compounded Profit Growth
10 Years:22.11%
5 Years:9.49%
3 Years:11.75%
TTM:37.49%
Return on Equity
10 Years:29.06%
5 Years:24.69%
3 Years:22.07%
TTM:24.53%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
44 44 44 44 44 89 89 89 89 89 89 89 89
Reserves 293 401 513 688 991 1,372 1,881 2,434 2,995 3,418 4,144 5,001 5,298
Borrowings 248 210 167 73 68 6 0 807 100 113 1,882 1,691 140
629 951 1,074 1,319 2,677 3,267 3,941 2,813 2,715 2,726 2,293 2,743 5,637
Total Liabilities 1,214 1,606 1,799 2,123 3,781 4,734 5,911 6,143 5,899 6,345 8,408 9,524 11,164
255 278 280 268 288 384 464 614 699 771 1,189 1,474 1,370
CWIP 16 10 20 12 17 25 42 33 55 107 152 43 41
Investments 32 2 2 2 3 2 3 3 3 30 431 36 32
910 1,316 1,497 1,842 3,473 4,323 5,402 5,492 5,142 5,437 6,636 7,971 9,720
Total Assets 1,214 1,606 1,799 2,123 3,781 4,734 5,911 6,143 5,899 6,345 8,408 9,524 11,164

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
156 108 165 342 1,053 163 553 -555 503 576 1,712 -51
-120 -62 -58 -32 -25 -70 -142 -271 -118 -159 -953 97
-24 -41 -106 -169 -117 -235 -236 497 -1,005 -505 -166 -252
Net Cash Flow 12 4 1 141 912 -142 176 -329 -620 -88 594 -206

Ratios Consolidated / View Standalone

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 % 32% 38% 40% 46% 67% 69% 62% 42% 35% 27% 23% 25%
Debtor Days 17 12 10 7 7 7 6 5 6 6 6 7
Inventory Turnover 4.04 3.54 3.47 3.74 3.91 3.63 3.09 2.89 3.01 2.65 2.83 2.97