Titan Company - Glittering Track Record; Long Runway For Growth: Motilal Oswal

Medium, long term growth prospects on revenue, earnings are extremely attractive, there are some factors that can affect revenues.

<div class="paragraphs"><p>A Tanishq store exterior. (Source: BQ Prime)</p></div>
A Tanishq store exterior. (Source: BQ Prime)

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Motilal Oswal Report

Titan Company Ltd. has been the standout performer among all of its consumer peers, in terms of revenue, earnings, as well as stock price performance over the past five years. For a company of its size, sales of Rs 366 billion ($4.6 billion) in FY23E and the ~20% revenue and earnings compound annual growth rate is extremely impressive.

Titan Company maintained its strong growth trajectory (three year revenue/profit after tax CAGR at 20%/27%), even during the Covid-impacted period (FY20-FY22) – at a time when most retail peers were struggling.

This was especially commendable for a business that is predominantly a brick and mortar retailer. This was achieved, despite a near washout in Q1 FY21 due to the first Covid wave and much lower than usual sales in Q1 FY22 due to the second wave.

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Motilal Oswal Titan Company Update.pdf


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