Titan Company Limited, India’s top jewellery retail chain, announced a strong performance in its jewellery business during the fourth quarter of fiscal year 2024. The Bengaluru-based company’s jewellery income increased by 19% in Q4 FY24, hitting ₹8,998 crores. The company’s India business experienced a 20% rise, resulting in profits before interest and tax (EBIT) of ₹1,089 crores and a 12.1% margin.
Titan‘s jewellery segment, including Tanishq, Zoya, Mia, and CaratLane, increased overall income by 20% to ₹38,353 crores during the fiscal year. The EBIT for the year was around ₹4,726 crores, with a good margin of 12.3 percent.
The company’s smart marketing strategies contributed significantly to its growth. Tanishq diamonds have become a must-have for women’s daily wear, thanks to campaigns such as the ‘Festival of Diamonds’, which glorified the sparkle of ordinary life. Other campaigns, such as ‘When it Rings True’ and ‘Ethereal Wonders’, connected with customers on a personal level, while Mia’s ‘SarangHearts’ collection capitalized on the K-pop and K-drama frenzy with beautiful pendant and earring sets.
Tanishq, Titan‘s flagship jewellery brand, has also increased its international footprint, opening additional stores in Dubai and Chicago, bringing the total number of overseas locations to 16. In India, the firm expanded its retail network by opening 11 new Tanishq stores and 16 new Mia locations.
C.K. Venkataraman, Managing Director of Titan Co., stated: “FY24 was another successful year for Titan. Our jewellery industry reached a significant milestone of ₹40,000+ crores in consumer sales. He underlined Titan‘s commitment to innovation and meeting the different needs of today’s women.
CaratLane increased overall income by 29% to ₹748 crores compared to Q4FY23. In Q4FY23, EBIT was ₹52 crores, representing a 6.9% margin. Total annual income increased by 34% to ₹2,930 crores. The equivalent EBIT for FY24 was,195 crores, with a margin of 6.7%. CaratLane opened 10 additional stores during the quarter, bringing the total number of outlets to 272 across 110 locations in India.