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📊 Titan Q3 FY25 & 9M FY25 Performance Analysis 🔥🚀

Lesson 85/151 | Study Time: 10 Min

Course: Quarterly Result Updates & Analysis

📊 Titan Q3 FY25 & 9M FY25 Performance Analysis 🔥🚀

💎 Titan's Revenue Soars 25.5% YoY in Q3 FY25! Despite a gold duty impact, festive demand & strong retail expansion fuel growth! 📈

1️⃣ Key Financial Highlights 💰

📌 Consolidated Financial Performance 📊 Total Income: ₹17,723 Cr (+25.5% YoY)
📊 EBIT: ₹1,627 Cr (+5.2% YoY)
📉 Net Profit: ₹1,047 Cr (-0.6% YoY)

📉 Margins Impacted Due to Gold Duty Change but recovery expected from Q4 onwards! 📢💵

2️⃣ Segment-wise Performance & Store Growth 🏪

💍 Jewellery (Tanishq, Mia, Zoya, CaratLane)

✨ Revenue: ₹14,697 Cr (+25.5% YoY)
✨ EBIT Margin: 9.5% (vs. 12.2% in Q3 FY24)
🛍️ New Store Additions: Tanishq (11 stores), Mia (13 stores)

🏅 CaratLane: Revenue up 27% YoY, 19 new stores added in India.

⌚ Watches & Wearables

🕰️ Revenue: ₹1,128 Cr (+14.9% YoY)
📈 EBIT Margin: 9.8% (vs. 5.6% in Q3 FY24)
🛍️ New Stores: Titan World (12), Helios (10), Fastrack (1).

👓 Eyewear (Titan Eye+)

👀 Revenue: ₹194 Cr (+16.2% YoY)
🔎 EBIT Margin: 10.8% (vs. 8.4% in Q3 FY24)
🛍️ New Stores: 3 Net Additions.

🛍️ Emerging Businesses (Taneira, Skinn, IRTH)

👜 Revenue: ₹118 Cr (+5.4% YoY)
📉 EBIT Margin: (27.1%) – Loss due to higher investments.
🌟 New Stores: Taneira (1 in Salem), IRTH (Mumbai & Chennai).

🌍 International Business

🌎 Jewellery Revenue: ₹569 Cr (+64% YoY)
🏬 New Stores: Tanishq (Dubai & Seattle), Titan Eye+ (4 stores in GCC).

3️⃣ Profitability & Key Ratios Analysis 📊

📉 EBIT Margin: 9.3% (vs. 11.0% in Q3 FY24)
📉 Net Profit Margin: 5.9% (vs. 7.5% in Q3 FY24)
⚖️ Debt-Equity Ratio: 0.36 (Stable)
📦 Inventory Turnover: Improved YoY!

4️⃣ Near-Term & Long-Term Outlook 🌟

📅 Short-Term (Next 2 Quarters): ✅ Wedding Season Demand to Drive Jewellery Sales
✅ Margins Expected to Normalize as Gold Duty Impact Subsides
❌ Wearables Segment Under Pressure (-20% YoY decline)

📆 Long-Term (3-5 Years) 🌍 Retail Expansion Across Domestic & International Markets
💡 New Growth Avenues: Taneira, IRTH, SKINN
♻️ ESG & Sustainability Initiatives in Focus

5️⃣ CMP-Based Valuation 💸

📌 CMP: ₹3,599 📉
📌 P/E Ratio (TTM): Trail_EPS = 35.3 & Trail_PE = ~102x (Premium Valuation)
📌 F_P/E Ratio: Est_F_EPS = 39 & F_PE = ~92x (Premium Valuation)

📌 Market Cap: ₹3 Lakh Crores
💰 Investment View: Hold/Accumulate 📈

📢 Disclaimer & Disclosure Statement

Important Investor Advisory Notice

This research analysis is for informational purposes only and should not be considered as financial, investment, or legal advice. The information provided herein is based on publicly available financial reports, market data, and our analysis. Investors are advised to exercise caution and discretion before making any investment decisions.

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Piyush Patel

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