Feedback about Andhra sugars from my father who use to supply them lime stone related stuff few decades back: Many of the sugar mills employees use to take money and let low quality material get into their factory. But Andhra sugars employees was always stringent with quality parameters and didnt allow bad quality material into their factory. He has no idea about current situation though…A company paying dividend consistently since decades definitely should be doing something right consistently.

Disclosure : Have not studied the company in detail barring the information from this thread.

I doubt that GPCB instruct Electricity Board to cut supply as both boards are independent and without having any power over each other. Industry also have Generators backup. GPCB instruct to Company for action.

I found Dr Rawjee , the best and Honest CEO not among the industry but also among the listed companies. Remains very conservative. Although some times he also proved some wrong in growth guidance which he gives in volume terms which we anticipate in Revenue terms.

I held Kalyan from 80s and sold at around 250. Now it’s in an overpriced range for me. But still like the business.
About financials, I do understand there are lot of players. But people always need more than what they have and I don’t see the future without lending business. So I believe there’s enough market for every player. Atleast for the next few years, I don’t see the growth slowing down unless some macro event occurs.

Yes, LVMH was already a significant player in the luxury goods industry by 1990. The company was formed in 1987 by merging Moët Hennessy (a producer of champagne and cognac) and Louis Vuitton (a renowned luxury fashion house). By 1990, LVMH had already acquired several other luxury brands and had established itself as a leader in the luxury goods market, encompassing a diverse portfolio of products including wines, spirits, fashion, leather goods, perfumes, and cosmetics.

Every company is a mere reflection of the economy/market it operates in. LVMH specifically operates in a mature market where growth rates are typically lower than in emerging markets (no prizes for the guess).

High valuations in 1990 or 2000 could indeed have influenced LVMH’s subsequent growth. If the stock was trading at elevated PE, the growth in earnings would need to be substantial to justify these valuations, which can be challenging for an already large and established company. The current PE ratio of 22 is relatively high for European companies, indicating strong investor confidence in LVMH’s brand strength and prospects, but also reflecting the premium that investors are willing to pay for exposure to the luxury sector.

Titan has the potential for significant growth over the next 35 years due to several factors like expanding middle class, international expansion (nice little optionality), diversified portfolio (above comparison table) and ongoing digital transformation going D2C.

LVMH has primarily focused on premium and luxury categories and has not significantly ventured into mid or mass-market brands. The company’s strategy has been to maintain a strong brand image and high margins (LVMH’s gross margins are around 70% and EBITDA margin are around 30% while Titan’s gross margins are sub-25% and EBITDA @ 10% currently), which is consistent with its focus on the luxury market. LVMH has largely grown through acquisitions of established luxury brands rather than creating new brands from scratch. Notable acquisitions include Bulgari, TAG Heuer, and Tiffany & Co. When LVMH does develop new brands or product lines, it often leverages the equity, marketing and distribution prowess of its existing brands.

LVMH’s motivation for acquiring or developing brands is driven by several factors like brand equity, market expansion, market & distribution synergies and continuously maintaining a portfolio of prestigious brands to drive exclusivity.

Titan’s motivation, while similar in some aspects, also includes market penetration and brand building across categories since IMHO they started off this process post-2016 (after acquiring Caratlane).

The way I look at Titan is:

– Early 2000s: Watch brand
– 2000-2020: Jewellery brand
– Post-2020: Lifestyle brand (Indian LVMH)

Hope this helps!