Tag: Titan

Rekha Jhunjhunwala’s biggest stock bet falls most since 2020 but analysts advice ‘buying the dip’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Titan Company Ltd., Rekha Jhunjhunwala’s biggest stock bet, reported a miss in consensus earnings driven by weaker jewellery margins for two consecutive quarters. Whereas jewellery topline growth was healthy at 20%, the margin miss is a factor of high competition and higher gold mix in studded sales, analysts said.

Global brokerage firm Jefferies in a note said the commentary on margin was a bit subdued, but it likes the management’s excessive focus on growth.

Jefferies, which has a ‘hold’ rating and a target price of ₹3,500 per share on the counter, said that Titan’s share price will trade weak today. The brokerage expects the Titan Company stock to stay rangebound in the near term.

Jefferies said it would watch out for Titan’s analyst meeting at the end of this month.

Another broking firm UBS said the demand environment will remain weak, with margins to be impacted by high discounts and offers. The brokerage expects the competitive intensity to continue.

UBS has a ‘Neutral’ recommendation on the Titan stock, with a target price of ₹3,900 per share.

According to Goldman Sachs, the strong revenue growth is sustained, but the competitive intensity ahead will cap its margin expansion potential for the financial year 2025. It said the management expects to maintain the current margin range of 12-13%

The brokerage has a ‘Buy’ recommendation on Titan along with a target price of ₹3,950 per share.

Domestic brokerage Nuvama said the management did indicate that given the current scenario of rising gold prices, competitive intensity as well as marketing investments would stay higher, which would affect margins.

Given the weakness in margins to continue in the near term, especially in the first half of FY25, Nuvama has slashed its FY25 and FY26 profit estimates by 6% each and downgraded the stock to ‘hold’ from ‘buy’ earlier. The brokerage has revised its target price to ₹3,867 from ₹4,106 per share earlier.

In a note, Emkay Global said that the near-term EPS (earnings per share) growth will be hit by elevated gold prices and added promotions.

“But we like Titan’s focus on share gains (versus near-term margin), as growth outlook remains robust, at 20% CAGR. Titan upheld its guidance of jewellery EBIT margin band of 12-13%, which though would probably stay at the lower-end, as Q1 is likely to miss the band by a margin,” it said.

This brokerage has trimmed its earnings estimates by 5-6% on near-term margin pain but recommended buying into any significant corrections. Emkay suggested a lower target of ₹4,150 for the Titan Company stock.

Kotak, meanwhile, said the Titan stock is priced for perfection. “We would keep an eye on the adoption of lab-grown diamonds in India (and Titan’s studded share) and Aditya’s Birla Group’s upcoming jewellery foray,” it noted while suggesting a ‘Neutral’ rating and a lower target of ₹3,600 per share.

On Monday, the stock tumbled 6% lower and hit a day’s low of ₹3,286. Rekha Jhunjhunwala held a 5.35% stake in Titan Company, which was worth ₹16,780 crore in today’s trade.

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Titan Q4 Results: Net profit rises 7% to ₹786 crore; dividend declared

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Titan Company Ltd., the Tata Group company, on Friday reported a net profit of ₹786 crore, which missed CNBC-TV18’s estimates of ₹830 crore. Titan’s bottomline was also up 7% year-on-year, compared to ₹734 crore in the same period last year.

Titan reported revenue of ₹11,257 crore for the January to March period. A CNBC-TV18 poll expected that figure to be ₹11,300 crore. On a year-on-year basis, its revenue increased by 16%.

The company’s EBITDA or Earnings Before Interest, Tax, Depreciation and Amortisation rose 6% to ₹1,109 crore. But the figure was lower than the CNBC-TV18 poll estimate of ₹1,250 crore. EBITDA margin also saw contraction of 90 basis points to 9.9% from 10.8% last year.

The board has also recommended a dividend of ₹11 per equity share for financial year 2024.

The dividend will be paid on or after the seventh day from the conclusion of the 40th Annual General Meeting, subject to the approval of the shareholders of the company.

Shares of Titan Company Ltd. settled 1.50% lower at ₹3,514.75 apiece on the NSE today. The stock has tumbled more than 4% in 2024 so far.

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Titan Capital readies ₹300 crore ‘Winners Fund’, its first with external investors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Titan Capital, started by Snapdeal founders Kunal Bahl and Rohit Bansal, is setting up a new Winners Fund to back existing portfolio companies, people aware of the developments told Moneycontrol.

This will be a new fund where Titan Capital will be raising money from external stakeholders for the first time ever. So far, Titan Capital has only invested Bahl and Bansal’s personal money through its existing Seed fund.

Investors typically create a winners fund to back the same or similar assets in subsequent rounds. In Titan’s case, the winners fund will only back existing portfolio companies from the Seed fund and will not source new deals. This will help the fund participate in larger funding rounds at the Series A, B and C level.

“The winners fund will have a total corpus of ₹200 crore with a greenshoe option of ₹100 crore,” one of the persons quoted above said. Sizeable capital for Titan’s Winners Fund will come from Bahl and Bansal, with the balance coming in from external investors like high networth individuals (HNIs), family offices and others.

“The fund has already been oversubscribed since there has been a lot of interest from external stakeholders given Titan Capital’s track record. Titan Capital has delivered an Internal Rate of Return (IRR) of 65% in the last 13 years,” a second source told Moneycontrol.

It plans to close the fundraise by the end of the current calendar year, the source added.

Titan Capital did not offer comments for the story.

Nature of the fund

Through the Winners Fund, Titan Capital aims to participate in follow-on Series A, B and C rounds. “The corpus from Titan Capital’s Winners Fund will be only for its own Seed fund. Titan wants to participate in subsequent rounds of its portfolio companies and the Winners Fund will give it that leeway since it will have a larger capital pool,” a person aware of the developments told Moneycontrol.

To be sure, Bahl and Bansal will continue to run Snapdeal and the Winners Fund will be operated by a new team. The investor has appointed Chetan Rana as the Chief Financial Officer (CFO) of the Winners Fund and Shiv Kapoor as the Vice President (VP). While Rana was previously with WestBridge Capital, Kapoor used to be with Urban Company.

On average, Titan’s Seed Fund invests anywhere between ₹5 and 10 crore and the average ticket size will be much higher in the Winners Fund.

Ola, Mamaearth, Razorpay, Bira91, Beardo are some of Titan Capital’s notable investments from the Seed Fund. It has made over 100-fold returns from its bets on Mamaearth, Ola and Urban Company.

For instance, Titan Capital had invested a total of ₹2.4 crore in Mamaearth (Honasa Consumer) and earned ₹160 crore from the bet. It still continues to hold some shares in the consumer brand.

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This FMCG analyst warns of sluggish volume growth and limited margin expansion for the sector

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amnish Aggarwal, Head of Research at brokerage firm Prabhudas Lilladher says the relative underperformance of the fast-moving consumer goods (FMCG) index in the current financial year is due to uncertainty over the volume growth and margin expansion in the sector.

The Nifty FMCG index returned 18% this year versus Nifty50 gains of nearly 30%.

Aggarwal said while the volume growth for most companies is not picking up on a boarder basis, intense competition from regional and smaller players with lower pricing is also likely to cap margin expansion.

Speaking to CNBC-TV18, Aggarwal pointed out that some companies had revised prices in line with the correction in raw material prices. There appears no reason for a price increase in the near term.

Aggarwal also noted that without a clear insight into the monsoon patterns or a notable uptick in rural demand, he does not anticipate any substantial acceleration in topline growth for FMCG companies.

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He also listed his preferred picks in other sectors.

Avenue Supermarts, is one such stock, which has consolidated significantly over the past eighteen months.

He believes Avenue presents a promising long-term investment opportunity, with superior growth potential compared to most other consumer names.

The consolidation has helped in making the stock’s price-to-earnings multiples more reasonable in recent years, he noted.

However, staples still lack bullish sentiment due to limited bottom-line growth projections.

On the discretionary side, Aggarwal is positive on Titan, highlighting its recent performance.

While the Titan stock may continue to be range-bound near-term, he remains optimistic about its long-term prospects.

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Rekha Jhunjhunwala’s biggest portfolio holding may see another 14% upside

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Titan Company Ltd. will be in focus in Thursday’s trade as analysts at Motilal Oswal Financial Services retained its ‘Buy’ rating on ace investor Rekha Jhunjhunwala’s biggest stock bet, citing a robust growth outlook for the Tata Group company.

Titan shares are projected to hit the ₹4,300 mark, implying a potential upside of 14% from the current market levels, according to the domestic brokerage house.

After an interaction with the senior management team of Titan, Motilal said the company is expected to sustain healthy growth in the long term, driven by increasing urban population, rising consumer base, multiple jewellery brands for different income groups, fast-changing consumer preferences, scope of market share gain, and rising women/young workforce.

While demand has remained steady for Titan in January and February 2024, gold inflation in March has led to a delay in demand, which is a typical trend in gold inflation months. “Titan has reduced the gold premium compared to peers in a calibrated manner, which has been compensated with other initiatives to protect operating margin,” the brokerage said.

Motilal also said that Titan’s jewellery and other businesses still have strong long-term growth potential. “With a jewellery market share of 8% in a sizable ₹5 trillion market, there is significant headroom for growth for Titan. The gradual recovery in the studded ratio should support margin improvement,” it said.

Though the analysts remain cautious about the near-term consumption trend, they continue to prefer Titan for its best-in-class execution track record and its eagerness to expand the user base. Consumer preference for branded jewellers will keep the robust growth rate intact for the category, Motilal said.

“We model a CAGR of 17% in revenue, 23% in EBITDA, and 26% in PAT during FY24-26. Titan’s valuation is rich but its superior competitive positioning (sourcing, studded ratio, consumer trust, youth-centric, reinvestment) and business moats are not easily replicable,” it added.

As of December 2023, Rekha Jhunjhunwala owns a 5.37% stake in Titan, which is worth ₹17,930 crore as of Wednesday’s closing price. With this, Titan was Jhunjhunwala’s biggest portfolio stock in terms of value.

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SBI Card gains on partnering with Titan to launch co-branded card

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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SBI Cards and Payment Services Ltd shares gained on Thursday, March 21, after the company launched a new co-branded card in partnership with Titan Company, called the Titan SBI Card.

The country’s largest pure-play credit card firm announced that it has partnered with Titan Company Limited to launch the Titan SBI Card, which is a one-of-its-kind shopping credit card specially designed to address the aspirational spending needs of customers, the company said in a stock exchange filing.

The Titan SBI Card offers multiple benefits like cashbacks on spends across a variety of lifestyle categories and reward points. The card also offers gift vouchers of Titan, which can be availed by cardholders to enjoy exclusive benefits worth more than ₹2 lakh every year. The Titan SBI Card offers thoughtfully curated benefits on high value spend categories, including watches, jewellery and eyewear.

Among its key benefits are the cashback up to 7.5% on purchases from Titan, Taneira, Titan EyePlus and non-jewellery brands of the company. The card also comes with a 5% cashback on Mia, Caratlane and Zoya across their offline as well as online stores.

Additionally, the users of Titan SBI Card will be able to avail Titan gift vouchers worth 3% of the value of spends on shopping from Tanishq.

“There is a growing propensity of Indian consumers towards aspirational lifestyle and products. We are delighted to introduce Titan SBI Card, a specialised credit card that caters to the lifestyle spending needs of our customers,” said the MD and CEO of SBI Card, Abhijit Chakravorty in a press release dated March 21.

Shares of SBI Cards and Payment Services were trading 1.21% higher at ₹700.85 apiece on BSE at 2:25 pm.

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Tata Group loses ₹2 lakh crore of market cap from the peak as stocks give up gain

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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With the noise surrounding Tata Sons listing fading away, the group has given up some of the gains that it notched up over the last few days. Tata Investment Corporation is one such example, where the stock has been hitting lower circuits for the last eight sessions. The drop in Tata Investment Corp follows a stellar rally that saw the stock topping the chart of best performers on the Nifty 500 for 2024.

Similarly, shares of Tata Chemicals have come off 22% since March 7, after the stock of the chemical producer swelling as much as 40% in just six sessions through March 7, 2024. Further, Tata Consultancy Services (TCS) ended lower for the third day on Wednesday. The largest group company by market value has seen a market cap erosion of close to ₹90,000 crore during the same period.

Interestingly, both Tata Investment Corp and Tata Chemicals are heavily owned by retail investors. While more than half, or 14.4%, of non-promoter holdings in Tata Investment Corp is held by retail investors, the category owns close to 22% in Tata Chemicals. The public holding in Tata Investment Corp as of December end stood at 26.6%.

Barring Trent, all group companies have witnessed some correction in their stock prices since March 7. While TCS lost the most in absolute value, Tata Motors followed suit with an erosion of ₹36,500 crore. That was followed by Titan and Tata Investment Corp. While the market capitalisation of Titan decreased by ₹17,400 crore, Tata Investment Corp saw its market valuation fall by ₹16,600 crore during the same period.

Tata Group—the country’s largest conglomerate—commands a market capitalisation of ₹30 lakh crore as of Wednesday’s close. In comparison, the group had boasted a market value of ₹32 lakh crore on March 7, 2024. The loss in market valuation translates to a 6% drop from its peak. In contrast, the benchmark Nifty50 declined about 3% during the same period.

For Tata Sons, dividend income contributes 95% to its revenue. In FY23, the firm recorded a dividend income of ₹33,252 crore, which is a 189% increase from the previous year thanks to a big payout by the group’s cash cow, TCS. The dividend payout ratio of TCS was 158% in FY23, while Tata Sons’ holding stood at 72.4% at the end of December 2023. The net profit of Tata Sons for the year increased by 29% to ₹22,132 crore.

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Should you buy Titan shares despite miss on margins? What analysts say

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The shares of Titan Company will be in focus in trade Friday after the Tata Group firm’s December quarter earnings were largely in-line with estimates. The company’s topline growth was impressive at 20% and better margins in CaratLane and TEAL negated the weak margins in watches and eyewear sections. The jewellery business EBIT margin was in-line at 12.2% in the third quarter and 12.4% in the first nine months of this fiscal.

Most analysts remained neutral on Titan, saying 20% topline growth appears strong in the current context. There are, however, some cautious voices. They point out that the competitive intensity remains high in the jewellery segment.

Global broking firm Jefferies has maintained a ‘Hold’ call on the Titan stock on rich valuations, but trimmed its target price to ₹3,600 from ₹3,650 per share. The brokerage said that the operating performance missed forecast, mainly due to lower-than-expected margin but 20% year-on-year growth appears good in the current context. The jewellery business margin remained in a band while watches and eyecare exhibit high volatility.

In its post earnings stock review note, Jefferies said the management remains confident in its outlook and displayed strong execution on growth.

Goldman Sachs too maintains a ‘Buy’ rating on the counter but slashed its target to ₹4,075 a share from ₹4,125. The foreign brokerage noted that Titan’s competitive intensity remains high in jewellery but the company continues to gain market share.

Goldman said the studded demand was soft, but management considers it a blip. However, it said that a strong performance in its jewellery segment continues.

Morgan Stanley, meanwhile, maintained an ‘Equal-weight’ call on Titan, saying its eyecare business growth was weak but management remains optimistic. The brokerage has a target of ₹3,290 per share on the stock.

What are domestic brokerages saying

Emkay Global has upgraded its rating on Titan to ‘Buy’ with a target price of ₹4,200 per share, as the brokerage expects a significant outperformance with a 28% compounded profit growth for Titan over FY24-26 as against low-teens for the entire consumer space. The management’s stronger outlook also drives 4-5% increase in its EPS (earnings per share) estimate.

Motilal Oswal has slashed its EPS by 7.4% and 3.4% in FY24 and FY25 and reset its margin assumption. With a current market share of 8-9% in a sizable ₹5 lakh crore market, there is significant headroom for growth for Titan, the brokerage said.

Motilal will watch the near-term consumption trend, but will continue to like Titan for its best-in-class execution track record and its hunger to keep expanding the user base. “Consumers’ preference towards branded jewelers will continue to keep the category growth rate at an attractive level,” it said while reiterating its ‘Buy’ call with a target of ₹4,200.

Nuvama Institutional Equites sees risks to earnings mainly from the jewellery margin trends but has retained a ‘Buy’ on the stock with a target of ₹4,106.

“Titan’s 5-year historic average multiple has been 60 times, which was our assigned range earlier. To factor the potential international expansion, we increase our target multiple to 65 times as immediate earning impact will be miniscule. We also separately value Caratlane at ₹18,300 crore,” Nuvama said.

In an interview with CNBC-TV18 Ashok Sonthalia, CFO, Titan said, “On margin side, in jewellery particularly the studded ratio was lower compared to last year. And there was some softness on the very high value solitaires and the sub-50k, or sub-100k kind of diamond jewellery market. Q4 is activation period for us. And we will wait to see the results of Q4 pans out as far as studded jewellery is concerned.”

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Titan shares rise on Q3 business update but street divided on prospects

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Titan Company Ltd, the Tata Group company which manufactures and sells luxury fashion accessories such as jewellery, watches and eyewear,  were trading nearly 2% higher on Monday after it saw a 22% year-on-year (YoY) revenue growth for the third quarter ended December. The growth was broad-based as most of its segments put up a healthy performance during the quarter.

Brokerages like HSBC continue to bet on the stock, saying that Titan’s strong and consistent results reinforce its structural attractiveness.

The consumer discretionary major’s jewellery sales in the third quarter grew strongly at 23% YoY, ahead of consensus expectations, HSBC said while raising its target price to ₹4,200 per share and maintaining a ‘Buy’ rating on the counter.

Global broking firm Citi has assigned a ‘Neutral’ call on the counter and set a target price of ₹3,650 per share on good growth momentum. However, there is a need to monitor its margin trajectory.

Citi said that Titan made strategic investments in exchange programmes and consumer offers, maintaining robust store expansion and witnessing impressive growth across other segments.

Titan’s absolute valuations remain high, supported by its strong medium-term business prospects driven by continued share gains, it said.

Downside risks, as per Citi, include deterioration in consumer sentiment or lower footfalls, sharp movements in gold prices and adverse government impact.

Among upside risks, are better-than-expected consumer traction, stronger traction to Titan’s new product launches and innocations, company’s aggressive expansion plans.

Morgan Stanley highlighted that Titan has seen over 20% growth in the jewellery segment for the fourth consecutive quarter. Titan’s strategy involving regular gold exchange programmes is proving successful, it noted.

However, the brokerage said that challenges persist in areas such as product mix, exchange programmes, consumer offers, and wedding-related sales, which remain key differentiators year-on-year.

Morgan Stanley has an ‘Equal weight’ rating on the stock with a target price of ₹3,190 per share.

The third quarter for fiscal 2023 coincided with festivals such as Dussehra in October and Diwali in November, when buying gold is considered auspicious. The quarter also sees more weddings, which is one of the biggest drivers of gold purchases in India.

Titan’s watches and wearables segment, which made up nearly 11% of the total income for the company in the previous quarter, saw a double-digit 21% year-on-year growth in the quarter. The growth in the analogue watch segment was driven by strong performances from Titan, Sonata, Helios, and other international brands.

The company’s fashion and fragrances segment declined around 9%. However, its revenue in its premium fashion brand Taneira revenue grew by about 61%, with the addition of 11 new stores in different cities.

The company added a total of 90 stores during the quarter, taking the group’s total presence to 2,949 stores. At the end of September quarter, Titan had 2,859 stores.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Titan’s subsidiary to acquire 10% stake in CueZen for $3.5 million

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Titan Company Ltd on Friday said its subsidiary TCL NA will acquire a 10% stake in the US-based CueZen for $3.5 million in an all-cash deal.

CueZen is engaged in the hyper-personalised health and wellness technology business.

In a stock exchange filing, Titan said that it is a strategic investment aimed at exploring the potential technologies offered by CueZen in the company’s smart wearable business.

The deal is expected to be completed by the end of December, the Tata Group company informed bourses.

“TCL North America Inc, a wholly-owned subsidiary of the company (Titan), has signed a Series Seed Stock Purchase Agreement with CueZen Inc, a Delaware Corporation, for subscription of Series Seed Preferred Stock in the Common Stock, which would result in TCL NA holding 10% in CueZen on a fully diluted basis,” Titan said.

Titan posted a 10% increase in net profit for the July-September quarter at ₹940 crore from last year. Its revenue rose 33.6% to ₹11,660 crore, compared to ₹8,730 crore in the corresponding quarter of last fiscal.

During the September quarter, the company added 81 stores across verticals, taking the group’s retail presence to 2,859 outlets, according to a quarterly update by Titan.

In October, the branded jewellery maker disclosed that its board approved plans to raise up to ₹2,500 crore through multiple avenues.

Shares of Titan Company were trading at ₹ 3,597.5 apiece, up 0.18% on BSE at 11:19AM.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow