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Titan plans to double Sonata sales over the next 3–4 years
Titan Industries (Titan) plans to ramp up sales of its key watch brand Sonata to 12mn from
the current 6mn. With Sonata contributing roughly 50% of total watch sales, the overall
watch segment is expected to continue to post healthy double-digit growth in the coming
years. Considering the improving volume trend in the jewellery and watches segments
coupled with the company’s expansion plans, we expect Titan to witness better times going
ahead. Although we remain positive on the company’s growth prospects, we believe at
33.1x FY2012E earnings, it discounts the same fairly well. Hence, we continue to maintain
our Neutral rating on the stock.
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