FY23 is set to be better than envisaged for Titan Co. Ltd. The company’s update for the September quarter (Q2FY23), coupled with a robust outlook could lead to earnings upgrades. Titan has said the outlook for the festive season, from Navratri at the end of September, continues to be optimistic and is visible in positive consumer sentiment across categories. For Q2, Titan’s mainstay jewellery business, a major contributor to the company’s revenue, has emerged as a shining star. Standalone recurring jewellery sales, excluding bullion, grew 18% year-on-year (y-o-y). “Hurdle rate for H2FY23 to meet our FY23E jewellery sales growth is just 8%,” said analysts at Kotak Institutional Equities. The analysts estimated Titan’s recurring jewellery sales to grow 32% y-o-y in FY23, but see an upside risk to this expectation now.