1. Titan Industries Ltd. Results Q1FY10

2. Recommendation Sell CMP- 1318 Currently trading at PE of 30xFY10P earnings. Target Price – Rs. 1089 (valuing at 25xFY10P)

3. Q1FY10 Performance  9% y-o-y growth in topline.  EBITDA grew by 41%.  Operating margin improved by 200 bps  Interest cost increased by 46%.  Net Profit increased by 42% to Rs460mln.  EPS increased to 10.37 from 7.28 in Q1FY09.

4. (Rs Mn)Q1 FY10 Q1 FY09 ChangeFY09FY08Change Sales882981039%383363046626% EBITDA79456241%3049240027% EBITDA Margin 9%7%200 bps8% - Net Profit 46032342%1640147611% Net Profit Margin 5%4%100 bps4%5%-100bps EPS10.377.2836.9433.25

5. Highlights  Jewellery segment grew by 3% while watch segment grew by 21%  Precision eyewear segment incurred loss 89 mln at PBT level  Margins from jewellery segment is low despite of 72% contribution in revenues  Retail expansion continued with opening of 18 stores taking the retail space to 0.6 mln sqft.

6. Revenue Mix SegmentQ1FY10Q1FY09 Watch2421 Jewellery7276 Others43

7. Market Data FY09 Promoters53.05 MFs/FIs/Banks7.09 FIIs/NRIs/OCBs12.31 Public & Others27.55 Market Cap. Rs 57.9 bln 52-Wk High/Low 1375/668 Avg.Volume Stock 74949 Beta 0.66 Shares in issue 44 mln

8. 1 Yr Stock Price Movement 52 week high - 1375 52 week low - 668 CMP - 1318

9. Thank You