Titan Company Limited, India’s premier jewellery retail chain, has unveiled a robust performance in its jewellery segment for the fourth quarter of the fiscal year 2024. The Bengaluru-headquartered company witnessed a remarkable surge of 19% in its jewellery income during Q4 FY24, scaling to ₹8,998 crores. This remarkable upswing was primarily propelled by a substantial 20% growth in the company’s India business, with the segment’s earnings before interest and tax (EBIT) hitting ₹1,089 crores, indicative of a robust margin of 12.1%.
For the entire fiscal year, Titan’s jewellery division, comprising renowned brands like Tanishq, Zoya, Mia, and CaratLane, experienced a noteworthy 20% upsurge in total income, culminating at ₹38,353 crores. The EBIT for the fiscal year also reflected this stellar performance, standing at approximately ₹4,726 crores, maintaining a formidable margin of 12.3%.
The commendable growth trajectory can be attributed to the company’s strategic marketing endeavors. Initiatives such as the ‘Festival of Diamonds’ celebrated the allure of everyday life with Tanishq diamonds, positioning them as essential elements of women’s daily fashion. Campaigns like ‘When it Rings True’ and ‘Ethereal Wonders’ resonated with consumers on a deeply personal level, while the ‘SarangHearts’ collection by Mia capitalized on the burgeoning K-pop and K-drama craze with chic pendant and earring sets.
Tanishq, Titan’s flagship jewellery brand, further expanded its global footprint with new outlets in Dubai and Chicago, elevating the tally of overseas stores to 16. Domestically, the brand reinforced its retail network with the addition of 11 new Tanishq stores and 16 new Mia stores.
C.K. Venkataraman, Managing Director of Titan Co., expressed his satisfaction with the performance, remarking, “FY24 was yet another gratifying year for Titan. Our Jewellery business continued to ascend, achieving a commendable milestone of ₹40,000+ crores in consumer sales.” He reiterated Titan’s unwavering commitment to innovation and meeting the evolving preferences of the modern woman.
CaratLane, Titan’s subsidiary, witnessed a remarkable upsurge in total income, surging by 29% to ₹748 crores compared to Q4 FY23. The EBIT for Q4 FY23 stood at ₹52 crores, boasting a margin of 6.9%. For the full fiscal year, the total income soared by 34% to ₹2,930 crores, with the corresponding EBIT reaching ₹195 crores, marking a margin of 6.7%. CaratLane expanded its footprint with the addition of 10 new stores in the quarter, bringing the total store count to 272 outlets spread across 110 cities pan-India.
