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Investing.com - UBS raised its price target on Titan Company (NS:TTAN) to INR3,600.00 from INR3,500.00 while maintaining a Neutral rating, following the company’s strong quarterly performance.
Titan’s consolidated revenue grew 24.6% year-over-year, while EBITDA and PAT increased by 46.8% and 52.6% respectively, driven by growth in jewelry and momentum in watches. The company’s jewelry margins reached approximately 11.8%, which included 50 basis points of hedging gains.
The domestic jewelry segment, excluding bullion, saw sales growth of approximately 19% year-over-year with same-store retail growth of 12%. Studded sales increased by about 11% year-over-year, while Caratlane sales grew 39% compared to the same period last year.
Domestic watches sales increased approximately 24% year-over-year, led by strong growth in analog watches and repositioning in smartwatches. The watches segment achieved margins of 22.5%, benefiting from a 400 basis point one-off gain.
Titan’s domestic eyecare sales grew 12.5% year-over-year despite store rationalization, while emerging businesses sales increased approximately 65% compared to the same period last year.
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