The sales of the company are expected to return to normalcy post Q2 FY15.
With gold prices being 8-month low, it is no more an attractive investment yet the demand for the yellow metal is fairly stable, says S Subramanian, CFO, Titan .
He believes this quarter will be bumper quarter for the company as he is confident of this festive season being better than the previous one with the discretionary demand for gold picking up.
"A very large number of people have bought jewellery, which is indeed a positive sign," he adds.
According to Subramanian, 30 percent of gold being purchased is under gold on lease scheme and the remaining is being hedged internationally.
Right now the company has no plans to set up stores in International markets but is looking at export consignments as a new business opportunity.
The sales of the company are expected to return to normalcy post second quarter of FY15, he adds.
Titan has commissioned a new stainless steel watch case plant in Coimbatore. Subramanian believes the new plant will help the company reduce its costs for stainless which they have been importing from China.
"The cost of stainless steel was increasing continuously which was a concern."
The set up of the Coimbatore plant is expected to cost the company around Rs 75 crore. The new plant will manufacture around 1 million cases per year and the capacity is expected to scale up to 2 million cases annually.
Titan Company stock price
On September 16, 2014, at 14:15 hrs Titan Company was quoting at Rs 375.70, down Rs 6.3, or 1.65 percent. The 52-week high of the share was Rs 397.80 and the 52-week low was Rs 203.00.
The company's trailing 12-month (TTM) EPS was at Rs 8.29 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 45.32. The latest book value of the company is Rs 28.43 per share. At current value, the price-to-book value of the company is 13.21.
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