Titan’s jewellery division grows by 19% to Rs 8,998 crores in Q4 FY24  

Over the entire fiscal year, Titan’s jewellery sector, comprising Tanishq, Zoya, Mia by Tanishq, and CaratLane, witnessed a 20% rise in total revenue, aggregating to Rs 38,353 crores 

Bengaluru: Titan Company Limited recently released its financial results for Q4 FY2024. An increase of 19% was reported in its jewellery revenue, amounting to Rs 8,998 crores during the same period.

Over the whole fiscal year, Titan’s jewellery sector, comprising Tanishq, Zoya, Mia by Tanishq, and CaratLane, witnessed a 20% rise in total revenue, aggregating to Rs 38,353 crores. 

This increase primarily stemmed from a substantial 20% expansion in the company’s domestic operations. The segment’s earnings before interest and tax (EBIT) attained Rs. 1,089 crores, exhibiting a robust margin of 12.1%. 

The annual EBIT stood at approximately Rs 4,726 crores, with a sturdy margin of 12.3%. Titan attributed this growth to strategic marketing endeavours that resonated effectively with consumers. 

Marketing campaigns such as the ‘Festival of Diamonds’ highlighted dailywear diamonds from Tanishq, while others such as ‘When it Rings True’ and ‘Ethereal Wonders’ worked well for customer engagement. The ‘SarangHearts’ collection by Mia by Tanishq, offering chic pendant and earring sets, capitalized on the burgeoning popularity of K-pop and K-drama. 

In terms of retail expansion, Titan’s flagship brand, Tanishq, expanded its global presence with the inauguration of new outlets in Dubai and Chicago, thereby elevating the total count of overseas stores to 16 outlets. In India, the brand fortified its retail footprint with the addition of 11 new Tanishq stores and 16 new Mia by Tanishq stores. 

Reaffirming Titan’s commitment to innovation and catering to the diverse preferences of modern woman, C.K. Venkataraman, Managing Director, Titan Company Limited stated, “FY24 was yet another satisfying year for Titan. Our jewellery business continued to grow in prominence, achieving a proud milestone of Rs 40,000+ crores in consumer sales.” 

CaratLane also reported robust financial outcomes in Q4 FY24, where the total revenue surged by 29% to Rs 748 crores compared to the corresponding period last year, with an EBIT of Rs. 52 crores and a margin of 6.9%. For the entire fiscal year, total revenue witnessed a notable upswing of 34% to Rs. 2,930 crores, with an EBIT of Rs. 195 crores and a margin of 6.7%. 

CaratLane intensified its expansion endeavours by inaugurating 10 new stores in the latest quarter, bolstering the total store count to 272 across 110 cities. 

Retail Jeweller India News