Titan’s Jewellery Segment Sees 19% Growth in Q4 FY24

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Titan’s Jewellery Segment Sees 19% Growth in Q4 FY24
Glimpses of Tanishq’s ‘Festival of Diamonds’ campaign.

Titan Company Limited, India’s leading jewellery retail chain, has reported a sparkling performance in its jewellery segment for the fourth quarter of the fiscal year 2024. The Bengaluru-based company saw its jewellery income soar by 19% in Q4 FY24 to reaching ₹8,998 crores. This increase was primarily fuelled by a 20% growth in the company’s India business, with the segment’s earnings before interest and tax (EBIT) reaching ₹1,089 crores, indicating a healthy margin of 12.1%.

Over the entire fiscal year, Titan’s jewellery division, comprising Tanishq, Zoya, Mia and CaratLane, saw a 20% increase in total income, amounting to ₹38,353 crores. The EBIT for the year was equally impressive at approximately ₹4,726 crores, maintaining a strong margin of 12.3%.

The company’s strategic marketing initiatives played a significant role in this growth. Campaigns like the ‘Festival of Diamonds’ celebrated the sparkle of everyday life with Tanishq diamonds, making them a must-have for women’s daily fashion. Other campaigns such as ‘When it Rings True’ and ‘Ethereal Wonders’ connected with consumers on a personal level, while the ‘SarangHearts’ collection by Mia tapped into the K-pop and K-drama craze with stylish pendant and earring sets.

Tanishq, Titan’s flagship jewellery brand, also expanded its international presence with new stores in Dubai and Chicago, taking the total number of overseas outlets to 16. In India, the brand strengthened its retail network with 11 new Tanishq stores and 16 new Mia stores.

C.K. Venkataraman, Managing Director, Titan Co. stated: “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 reaffirmed Titan’s commitment to innovation and catering to the modern woman’s diverse preferences.

CaratLane saw total income grow 29% to ₹748 crores as compared to Q4FY23. EBIT came in at ₹52 crores for Q4FY23 clocking a margin of 6.9%. For the full year, total income grew 34% to ₹2,930 crores. The corresponding EBIT at ,195 crores recorded a margin of 6.7% for FY24. CaratLane added 10 new stores in the quarter taking the total store count to 272 stores spread across 110 cities pan-India.

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.