Titan Company Limited, a prominent jewellery retail chain in India, has displayed robust growth in its jewellery segment during the fourth quarter of the fiscal year 2024. The company, headquartered in Bengaluru, witnessed a noteworthy surge of 19% in its jewellery revenue, totaling ₹8,998 crores in Q4 FY24. This remarkable growth was predominantly driven by a 20% expansion in the company’s business within India, leading to earnings before interest and tax (EBIT) of ₹1,089 crores and maintaining a healthy margin of 12.1%.
Throughout the entire fiscal year, Titan’s jewellery division, encompassing brands like Tanishq, Zoya, Mia, and CaratLane, experienced a substantial 20% rise in overall revenue, amounting to ₹38,353 crores. Impressively, the EBIT for the year reached around ₹4,726 crores, sustaining a robust margin of 12.3%.
The company’s strategic marketing endeavors significantly contributed to this growth trajectory. Initiatives such as the ‘Festival of Diamonds’ celebrated the allure of Tanishq diamonds in everyday life, positioning them as essential elements of women’s daily fashion. Other campaigns like ‘When it Rings True’ and ‘Ethereal Wonders’ established emotional connections with consumers, while the ‘SarangHearts’ collection by Mia capitalized on the popularity of K-pop and K-dramas with trendy pendant and earring sets.
Titan’s flagship jewellery brand, Tanishq, expanded its global footprint by opening new stores in Dubai and Chicago, thereby increasing the tally of overseas outlets to 16. Within India, the brand reinforced its retail presence with the addition of 11 new Tanishq stores and 16 new Mia outlets.
C.K. Venkataraman, Managing Director of Titan Co., expressed satisfaction with the company’s performance, stating, “FY24 was yet another satisfying year for Titan. Our Jewellery business continued to grow in prominence achieving a proud milestone of ₹40,000+ crores in consumer sales.” He reiterated Titan’s commitment to innovation and meeting the diverse preferences of modern women.
CaratLane, a subsidiary of Titan, witnessed a significant uptick in total income, marking a 29% growth to ₹748 crores compared to Q4FY23. The EBIT for Q4FY23 stood at ₹52 crores, reflecting a margin of 6.9%. For the entire fiscal year, CaratLane’s total income surged by 34% to ₹2,930 crores, with the corresponding EBIT at ₹195 crores, maintaining a margin of 6.7%. The quarter also saw the addition of 10 new CaratLane stores, bringing the total count to 272 stores across 110 cities in India.