SEC 79 / 2024-25 2nd August 2024

The General Manager, DCS – CRD The General Manager, DCS – CRD
BSE Limited National Stock Exchange of India Ltd
Corporate Relationship Department Exchange Plaza,
1st Floor, New Trading Ring Bandra-Kurla Complex,
Rotunda Building, P J Towers Bandra (East),
Dalal Street, Fort, MUMBAI - 400 051
MUMBAI - 400 001 Symbol: TITAN
Scrip Code: 500114

Dear Sirs,

Sub: First Quarter Earnings call presentation for FY 2024-25

Further to our communication dated on 17th July 2024, attached is a copy of the earnings
presentation for the first quarter ended 30th June 2024 as required under Regulation 30 of SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015.

Yours truly,
For TITAN COMPANY LIMITED
DINESH Digitally signed by
DINESH SHIVANNA
SHIVANN SHETTY
Date: 2024.08.02
A SHETTY 17:32:24 +05'30'

Dinesh Shetty
General Counsel & Company Secretary

Encl. As stated

Titan Company Limited

`INTEGRITY` #193 Veerasandra Electronics City P.O. Off Hosur Main Road, Bangalore 560100 India. Tel: 9180 6704 7000 Fax: 9180 6704 6262
Registered Office 3, Sipcot Industrial Complex Hosur 635 126 TN India. Tel-91 4344 664 199 Fax 91 4344 276037, CIN: L74999TZ1984PLC001456
www.titancompany.in
 Titan Company Limited
Earnings Presentation for the quarter ended June 30, 2024

Sensitivity: Internal
 Disclaimer

This document, prepared by Titan Company Limited (the “Company”/”we”/”our”/”Titan”), is solely for information purposes and does not
constitute any offer, invitation, recommendation, invitation to purchase or subscribe to any of Titan’s securities, and shall not form the basis of
or be relied on in connection with any contract or binding commitment whatsoever.

Certain statements are included in this release containing words or phrases such as “will,” “aim,” “will likely result,” “believe,” “expect,” “will
continue,” “anticipate,” “estimate,” “intend,” “plan,” “contemplate,” “seek to,” “future,” “objective,” “goal,” “project,” “should,” “will pursue” and
similar expressions or variations of these expressions, that are “forward-looking statements”. Actual results may differ materially from those
suggested by these forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not
limited to, our ability to implement our strategy successfully, the market acceptance of and demand for our products, our growth and expansion,
the adequacy of our allowance for credit to franchisees, dealers and distributors, technological changes, volatility in income, cash flow
projections and our exposure to market and operational risks. By their nature, certain market risk disclosures are only estimates and could be
materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially
differ from those that have been estimated.

In addition, other factors that could cause actual results to differ materially estimates in the forward-looking statements include, but are not
limited to, general economic and geo-political conditions in India and the other countries that have an impact on our business activities;
inflation, unanticipated variance in interest rates, foreign exchange rates, the prices of raw material including gold and diamonds, or other rates
or prices, changes in Indian and foreign laws and regulations, Acts of God, acts of terrorism, acts of war and pandemics, tax and accounting
regulations, and changes in competition and the pricing environment in India. The Company may, from time to time make additional written and
oral forward-looking statements, including statements contained in the Company’s filings with SEBI and the Stock Exchanges and in our reports
to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on
behalf of the Company, to reflect events or circumstances after the date thereof.

Sensitivity: Internal
 • The Titan Story
• Our Journey So Far
About the
• Our Business Segments
Company
• Titan Brands
• Titan Company Structure

Executive
Summary

Business
Performance

Financial
Performance

Other
Updates

Sensitivity: Internal
 India’s
Our Vision most
We create elevating experiences for the people
we touch and significantly impact the world we
work in
prestigious
lifestyle
products
Our Mission company
We will do this through a pioneering spirit and a
caring, value-driven culture that fosters innovation,
drives performance, and ensures the highest global
standards in everything we do

Sensitivity: Internal
 Our Journey So Far Launch of

Company incorporated, Launch of Demerged PED to

JV between the Tata
group and Tamilnadu State-of-the-art
Industrial Development Jewellery making and Precision Engineering and merged Gold Plus
Corporation facility inaugrated (PED) with Tanishq
1984 1994 Dissolution of 2005 2011 2017
partnership with 1,000
Timex and launch of Exclusive Brand
Crossed 1 million Outlet (EBO)
watches milestone milestone 2022
47,501
1989 1998 2008 2015

11,089
0 229 937

FY84 FY85 FY86 FY87 FY88 FY89 FY90 FY91 FY92 FY93 FY94 FY95 FY96 FY97 FY98 FY99 FY0 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

1987 1996 2007 2013 2020

Commenced watch Launch of Acqui-hire of
production, launch of 1992 2003
HUG Innovations
Joint Venture Launch of 2024
(JV) with 2009 and Titan E-Commerce Crossed
and opened 1st
Timex 2016 ₹50,000+ cr
showroom in Bengaluru and Golden Harvest
GUCP;
Scheme
3,000 EBO
Note: milestone
1. Color denotes the following: Company update; Brand / Channel launch; Acquisitions / Joint Venture
2. Graph denotes the Consolidated Total Income excluding Bullion sales in ₹ crores Acquisition 5
Sensitivity: Internal
 Our Business Segments

Jewellery Watches & Wearables EyeCare

Indian Dress Wear Fragrances Fashion Accessories

6
Sensitivity: Internal
 Titan Businesses (1/2)
Jewellery: India’s Leading Organised Jewellery Retailer
Manufacturing facilities
in Hosur, Pantnagar and ~8% 15%+
Midnapore;
India Market FY24 Digitally
Product Development
share1 influenced sales
Centre in Mumbai

Watches & Wearables: India’s Leading Watches Brand

2 Manufacturing facilities
in Hosur and Coimbatore; ~27% 10,000+
3 Assembly facilities in Analog India
Roorkee, Pantnagar, and Touch Points2
Market share1
Sikkim

EyeCare: India’s Most Trusted Optical Chain

Manufacturing facility at
Chikkaballapur;
900+
2 Lens Lab facilities at Exclusive Brand
Noida and Kolkata Outlets

Note:
1. All numbers are as on March 31, 2024 ; FY24 Market share based on internal estimates
2. Touch Points include Exclusive Brand Outlets, Multi Brand Outlets, and Large Format Stores 7
Sensitivity: Internal
 Titan Businesses (2/2)
Indian Dress Wear: Finest range of pure handcrafted weaves from across the country
Weavershala is an initiative by
Taneira towards supporting
100+ 75+
weavers with technical expertise Exclusive Brand
and improving their working Clusters2
Outlets
conditions

Fragrances: India’s Leading Fine Fragrances Brand

800+ 3,000+
Titan World and
Multi Brand
Fastrack Outlet
Outlets
Presence

Fashion Accessories: Thoughtfully Designed Bags

120+
Departmental
Store Presence

Note:
1. All numbers are as on June 30, 2024
2. Clusters represent regions of India with distinct traditional handloom weaving practices 8
Sensitivity: Internal
 Titan Brands - Segmentation Landscape

Watches & Indian Dress Fashion

Segments Jewellery EyeCare Fragrances
Wearables Wear Accessories

Luxury

Premium

Mid-Market

Mass Market

9
Sensitivity: Internal
 Titan Brands - Size of Business

Watches & Indian Dress Fashion

Gross UCP Jewellery EyeCare Fragrances
Wearables Wear Accessories
₹50,000 cr

₹5,000 cr

₹1,000 cr

₹500 cr

₹100 cr
< ₹100 cr
Note:
1. FY24 Gross UCP (Uniform Consumer Price) is used for the above illustration
2. The position of the brands are for representation purposes only in their respective Gross UCP bands and not strictly to scale 10
Sensitivity: Internal
 Titan Company Structure
Titan Company Limited

100% 99.991% 100% 100% 100%

Titan
CaratLane Titan Holdings Titan
Engineering & TCL North
Trading Private International Commodity
Automation America Inc
Limited FZCO, Dubai Trading Limited
Limited (TEAL)

Minority stake
100%

100% Great
CueZen
TEAL USA Inc. Heights
Inc. 100% 99.66% 100%
Inc.

Titan Watch
Titan Global Retail Titan International
StudioC Inc., USA Company Limited,
LLC, Dubai QFZ LLC, Qatar
Hong Kong

11
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 About the
Company

• Titan at a Glance
Executive • Management Commentary
Summary • Q1FY25 Standalone Highlights
• Q1FY25 Consolidated Highlights

Business
Performance

Financial
Performance

Other
Updates

Sensitivity: Internal
 Titan at a Glance

₹487 bn ₹3,024 bn 3,096 4.29 mn

TTM Total Income (1) Market Capitalization (2) Stores Retail Area sq. ft.

~11.9k 11 36 mn+ 430

Manufacturing and
Employees on roll Assembly Facilities Encircle Members Town Presence

Note:
1. Total Income excludes bullion and digi-gold sales
2. BSE Market Capitalization as of June 28, 2024
3. All numbers are on a consolidated basis 13
Sensitivity: Internal
 Management Commentary

“In the recently presented Union Budget, the custom duty on gold imports in the country has been reduced from 15% to 6%.
This development has long term positive implications for the Jewellery industry. While this change is likely to entail a short-term
impact in the form of value loss on duty paid gold inventory (expected to be expensed over the next two quarters), we remain
optimistic on the longer-term benefits as it makes the market equitable for large businesses like ours.

Our first quarter performance reflects mixed consumer trends in lifestyle categories. While the inclement weather conditions
during the summers, general elections and lower wedding days impacted retail walk-ins, the growth metrics in Watches &
Wearables and EyeCare were quite healthy. Notwithstanding some of these near-term variations, Titan is steadfastly pursuing
market share gains across all business categories and is well equipped to provide a differentiated retail experience to our
valued customers. We remain optimistic about our performance for rest of the financial year.”

- Mr. C K Venkataraman, Managing Director

14
Sensitivity: Internal
 Q1FY25: Standalone Highlights
Jewellery Watches & Wearables EyeCare Emerging Businesses Titan Company
89 88 8 9 2 2 1 1 +9.3%
+8.9% 11,263
10,306
Total Income

9,879 +14.7%
9,070
+3.0%
1,021
890 +5.3%
203 209
76 80

Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25

91 92 9 10 3 2
EBIT and EBIT Margin

+10.4% +9.1%

1,103 1,203
999 1,103
+12.7%

115 -42.9%
102 -32.5%
11.2% 35 -35.5% 10.7% 10.7%
11.0% 11.5% 11.3%
20
17.2%
9.6% -26
-27
Q1FY24 Q1FY25
Note: Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25
Q1FY24 Q1FY25
1. Figures in ₹ crores, unless stated otherwise
2. Total Income in Jewellery and Titan Company excludes bullion sales of ₹908 cr and ₹938 cr in Q1FY25 and Q1FY24 respectively
3. EBIT includes Other Income
4. Emerging Businesses include Indian Dress Wear, Fragrances & Fashion Accessories
5. Titan Company figures include Corporate segment
6. Total Income and EBIT from International Business is included in the respective divisions 15
Sensitivity: Internal
 Q1FY25: Consolidated Highlights
Jewellery Watches & Wearables EyeCare Other Businesses Titan Company
89 88 8 8 2 2 1 2 +11.2%
+10.0%
12,308
11,069
Total Income

10,730 +102.2%
9,754 +12.0%

1,023 +3.4% 277

913
203 210
137

Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25

92 92 9 9 3 2
EBIT and EBIT Margin

+8.3%
+7.8%
1,203
1,102 1,111
1,022
+9.9% -5.4%
-45.7%
101 111 10.0%
35 9.8%
10.5% 10.3% -15
11.1% 19 -27.0%
10.9%
17.2%
9.0%
-37
Note: Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25
Q1FY24 Q1FY25
1. Figures in ₹ crores, unless stated otherwise
2. Total Income in Jewellery and Titan Company excludes bullion and digi-gold sales of ₹1,078 cr and ₹942 cr in Q1FY25 and Q1FY24 respectively
3. EBIT includes Other Income
4. Other Businesses include Emerging Businesses (Indian Dress Wear, Fragrances & Fashion Accessories) and the subsidiary TEAL
5. Titan Company figures include Corporate segment
6. Total Income and EBIT from International Business is included in the respective divisions 16
Sensitivity: Internal
 About the
Company

Executive
Summary

• Jewellery
• Watches and Wearables
Business • EyeCare
Performance • Emerging Business
• International Business
• TEAL

Financial
Performance

Other
Updates

Sensitivity: Internal
 Jewellery (Domestic): Quarterly Performance
• Total Income grew ~8% YoY led by buyer growth of ~2% YoY and average spends per Particulars (₹ cr) Q1FY24 Q1FY25 YoY%
buyer growing by ~6% YoY respectively. New buyer contribution for the quarter stood at
Domestic 8,933 9,619 7.7%
45%
International (Primary) 137 260 89.6%
• The first 6 weeks of the quarter that included Akshaya Tritiya saw a 20% YoY retail growth Total Income 9,070 9,879 8.9%

• Q1 saw multiple forces coming together that impacted topline; a steep rally in gold rates EBIT 999 1,103 10.4%
(20% YoY), election led restrictions in many markets, very few wedding dates (5% growth EBIT Margin 11.0% 11.2% 15 bps
in wedding sales YoY) and an unprecedented heat wave across the country

• Consumer sentiment for studded in the high value and solitaires segments remained Distribution of key categories as
subdued. Overall studded growth came in at 6% YoY % of Domestic Jewellery sales
Q1FY24 Studded Q1FY25
• EBIT margin at 11.2% was 15bps higher than Q1FY24 supported by stable gross margins Gold, Coins, Others
and overall cost optimization

• In India, 11 new stores (net) were added in Tanishq, 19 stores in Mia and 3 stores in Zoya 26% 26%
respectively. Zoya opened its first store in the cities of Chennai and Pune
74% 74%

Jewellery (Domestic) Secondary UCP YoY Growth

9% 3%
Overall Like to like

Note: Total Income excludes bullion sales of ₹908 cr and ₹938 cr in Q1FY25 and Q1FY24 respectively 18
Sensitivity: Internal
 CaratLane: Quarterly Performance
• Total Income grew by 17.9% YoY to ₹754 cr Particulars (₹ cr) Q1FY24 Q1FY25 YoY%
Total Income 639 754 17.9%
• Revenue from the Studded category grew ~23% YoY. Its contribution improved by EBIT 35 38 8.5%
~3pp to ~78% for the quarter
EBIT Margin 5.5% 5.1% (44) bps
• This Akshaya Tritiya season, the brand focused on launching new and unique designs.
The hero collection launched before Akshaya Tritiya was “Utsav” in the month of April CaratLane Secondary UCP YoY Growth
followed by the first capsule collection of the year in June called “Dancing Hoops”.
Both launches received a good initial response from customers 18% 8%
Overall Like to like
• The Company launched 412 designs in Q1 to drive freshness and activate both repeat
and dormant customers

• EBIT came at ₹38 cr with a margin of 5.1%

• CaratLane added 3 new stores (net) in the quarter taking the total store count to 275
stores spread across 112 cities pan-India

Note:
1. Total Income excludes bullion and digi-gold sales of ₹139 cr and ₹4 cr in Q1FY25 and Q1FY24 respectively
2. Video hyperlinks embedded for the above campaigns and collections 19
Sensitivity: Internal
 Jewellery: Retail Network

Brand Particulars Mar'24 QTD Add. Jun'24

Stores - Domestic (#) 464 11 475
Stores - International (#) 15 1 16
Area sq. ft. (mn) 2.08 0.09 2.16
Town Presence (#) 279 7 286
Stores - Domestic (#) 177 19 196
Stores - International (#) 1 - 1
Area sq. ft. (k) 133 22 155
Town Presence (#) 72 8 80
Stores (#) 8 3 11
Area sq. ft. (k) 25 6 31
Town Presence (#) 6 2 8
Stores (#) 272 3 275
Area sq. ft. (k) 370 5 375
Town Presence (#) 110 2 112

20
Sensitivity: Internal
 About the
Company

Executive
Summary

• Jewellery
• Watches and Wearables
Business • EyeCare
Performance • Emerging Businesses
• International Business
• TEAL

Financial
Performance

Other
Updates

Sensitivity: Internal
 Watches & Wearables (Domestic): Quarterly Performance
• Domestic business grew 13.8% YoY primarily led by analog segment growing ~17% YoY Particulars (₹ cr) Q1FY24 Q1FY25 YoY%
Domestic 877 998 13.8%
• Within analog, Fastrack grew 25% YoY (aided by ~16% volume growth). Titan brand grew
~16% YoY, whereas international brands (Helios) recorded growth of ~8% YoY International (Primary) 13 23 81.4%
Total Income 890 1,021 14.7%
• Titan World clocked a strong retail growth (secondary) of ~13% YoY (9% L2L growth) EBIT 102 115 12.7%
despite heatwave disruptions during the quarter. E-com consumer secondary sales also
recorded strong double-digit growths in this period. EBIT Margin 11.5% 11.3% (20) bps

Distribution of Wearables as
• While volumes in Wearables segment clocked healthy double-digit growths, the average
selling prices continued to decline leading to ~6% YoY drop in Revenue % of Domestic W&W sales
11%
• 17 new stores (net) were opened during the quarter taking the total exclusive brand outlet 14%
presence to 1,137 stores. Of this, 5 stores were added in Titan World, 5 in Helios and 7 in
Wearables
Fastrack respectively
Analog
Q1FY24
Q1FY25

Secondary UCP Overall Like to like

YoY YoY

Titan World 13% 9%

Helios 24% 11%

Fastrack 15% 5%

LFS 5% (7)%
Note: Video hyperlink embedded for the ‘Fastrack Fleek’ campaign 22
Sensitivity: Internal
 Watches & Wearables: Retail Network

Brand Particulars Mar'24 QTD Add. Jun'24

Stores (#) 665 5 670
Area sq. ft. (k) 467 5 472
Town Presence (#) 328 1 329
Stores (#) 218 7 225
Area sq. ft. (k) 105 3 107
Town Presence (#) 100 3 103
Stores (#) 237 5 242
Area sq. ft. (k) 175 4 178
Town Presence (#) 88 3 91

8,000+ 600+
Multi Brand Retailers Large Format Stores
(MBR) (LFS)
Multi Brand
Outlet Presence
2,100+ 180+
MBR Town Presence LFS Town Presence

23
Sensitivity: Internal
 About the
Company

Executive
Summary

• Jewellery
• Watches and Wearables
Business • EyeCare
Performance • Emerging Business
• International Business
• TEAL

Financial
Performance

Other
Updates

Sensitivity: Internal
 EyeCare (Domestic): Quarterly Performance
• Divisional performance of 2.8% YoY growth was led by corresponding 10% growth in Particulars (₹ cr) Q1FY24 Q1FY25 YoY%
volumes and a strong retail uptick during the quarter Domestic 203 208 2.8%
International (Primary) 0 1 79.9%
• Value and 'Affordable Fashion' segments drove Revenue growth in Titan Eye+ retail
network (~85% of the business) by 10% YoY; Revenue via the Trade channel, comprising Total Income 203 209 3.0%
~6% of the business, witnessed a decline of 47% YoY EBIT 35 20 (42.9%)
• House brands saw a good volume improvement growing by 10% YoY; Volume growth in EBIT Margin 17.2% 9.6% (767) bps
others comprising of International brands, Contact lenses, etc. was 13% YoY
• Buyers grew 8% YoY whereas average selling prices witnessed a ~4% YoY decline Titan Eye+ Secondary UCP YoY Growth

• Advertising spends grew ~24% YoY with increase in promotional activities

8% 7%
Overall Like to like
• 'Runway', Titan's first exclusive store, offering premium sunglasses for the discerning
customers, was launched in Jun-24 at Bengaluru

• Division added 3 new stores (net) during the quarter in Titan Eye+

Crest
Fresh Pop 2.0

High on Fashion Sunglasses 25

Sensitivity: Internal
 EyeCare: Retail Network

Brand Particulars Mar'24 QTD Add. Jun'24

Stores - Domestic (#) 898 3 901
Stores - International (#) 4 - 4
Area sq. ft. (k) 573 3 575
Town Presence (#) 353 (2) 351
Stores (#) 3 (1) 2
Area sq. ft. (k) 2.5 (1.4) 1.1
Town Presence (#) 3 (1) 2
Stores (#) - 1 1
Area sq. ft. (k) - 0.5 0.5
Town Presence (#) - 1 1

26
Sensitivity: Internal
 About the
Company

Executive
Summary

• Jewellery
• Watches and Wearables
Business • EyeCare
Performance • Emerging Business
• International Business
• TEAL

Financial
Performance

Other
Updates

Sensitivity: Internal
 Emerging Businesses: Quarterly Performance
• Taneira’s ~4% YoY growth was mainly driven by growth from new stores. The brand added Particulars (₹ cr) Q1FY24 Q1FY25 YoY%
4 new stores in the quarter expanding its presence to 77 locations across 39 cities Total Income 76 80 5.3%

• SKINN fragrances grew ~10% YoY on the back of increase in average selling prices (~7% EBIT (27) (26) 3.7%
YoY growth) EBIT Margin (35.5%) (32.5%) 303 bps

• In Fashion Accessories, Fastrack and IRTH bags recorded growth in double-digits; the Summer Blooms
normalized Revenue growth (adjusting for the discontinued belts & wallets segment) Vibrant Summer Florals
was ~46% YoY on lightweight fabrics
capturing the season’s
essence

Note: Video hyperlink embedded for Taneira’s ‘Summer Blooms’ collection 28

Sensitivity: Internal
 Taneira: Retail Network

Brand Particulars Mar'24 QTD Add. Jun'24

Stores (#) 73 4 77
Area sq. ft. (k) 217 9 227
Town Presence (#) 37 2 39

Salt Lake, Kolkata Jodhpur

29
Sensitivity: Internal
 About the
Company

Executive
Summary

• Jewellery
• Watches and Wearables
Business • EyeCare
Performance • Emerging Business
• International Business
• TEAL

Financial
Performance

Other
Updates

Sensitivity: Internal
 International Businesses (Consolidated): Quarterly Performance

Jewellery Total Income (₹ cr) Q1FY24 Q1FY25 YoY%

• International Jewellery business recorded a growth of 92% YoY to ₹350 cr. In the Jewellery 182 350 92.0%
preceding 12 months, 8 new Tanishq stores have opened in various geographies. Others 17 30 80.6%
These include 4 stores in GCC region, 3 stores in North America and 1 store in
Singapore International Business 199 380 91.1%

• During the quarter, Tanishq opened a new store in Muscat, Oman. The GCC region
(11 stores) witnessed a healthy Revenue growth of ~80% in the Jewellery segment
during Q1FY25

• Tanishq's new stores in the North American markets of Chicago, Dallas and Houston
have seen encouraging response from the Indian diaspora since their launch (the
stores opened between Dec'23 – Mar'24)

• The total Jewellery international footprint stands at 17 stores consisting of 16

Tanishq stores and 1 Mia store

Watches & Wearables

• In Others, Watches segment grew ~79% YoY primarily comprising of growth from
analog exports. These mainly constitute Titan's brands' exports to 20+ countries, key
markets being from the GCC region Tanishq Singapore Tanishq Muscat

Note:
1. Total Income in Jewellery and International Business excludes bullion sales of ₹31 cr in Q1FY25
2. Primary sales to Subsidiaries and inter-Subsidiary sales are eliminated while computing the Total Income for Jewellery segment
3. Others include Revenue for Watches & Wearables (W&W), EyeCare and Emerging businesses
4. W&W Total Income includes direct primary exports from TCL and secondary sales made by the Subsidiaries 31
Sensitivity: Internal
 About the
Company

Executive
Summary

• Jewellery
• Watches and Wearables
Business • EyeCare
Performance • Emerging Business
• International Business
• TEAL

Financial
Performance

Other
Updates

Sensitivity: Internal
 TEAL: Quarterly Performance
• Total Income grew 226% YoY to ₹197 cr Particulars (₹ cr) Q1FY24 Q1FY25 YoY%
Total Income 61 197 226%
• Within Divisions, Automation Solutions (AS) Revenue grew ~12 times YoY (due to
low Revenue base of Q1FY24). The Manufacturing Services* (MS) Revenue grew EBIT (11) 11 201%
~55% YoY
EBIT Margin (18.6%) 5.8% 2,440 bps
• The AS business received orders of ₹35cr during the quarter. Their current order
book position as on Jun’24 stands at ₹461 cr

• In MS business, the aerospace segment clocked healthy double-digit growth

rates. A strong pipeline of annuity business from existing clients provides good
Revenue visibility for FY25

• EBIT for the quarter came in at ₹11 cr clocking 5.8% margin

Robot at work in a battery pack DC Booster Assembly line

assembly line
*Earlier known as Aerospace and Defence division 33
Sensitivity: Internal
 About the
Company

Executive
Summary

Business
Performance

• Statement of Profit and Loss

Financial • Segment Performance
Performance • Capital Employed
• Financial Trends

Other
Updates

Sensitivity: Internal
 Statement of Profit and Loss: Standalone

Particulars (₹ crores) Q1FY24 Q1FY25 YoY%

Operating Revenue 10,207 11,145 9.2%
Total Income 10,306 11,263 9.3%
EBITDA 1,202 1,329 10.6%
% 11.7% 11.8% 14 bps
EBIT 1,103 1,203 9.1%
% 10.7% 10.7% (2) bps
PAT 777 770 (0.9%)
% 7.5% 6.8% (71) bps

Note:
1. Operating Revenue and Total Income excludes bullion sales of ₹908 cr and ₹938 cr in Q1FY25 and Q1FY24 respectively
2. Profitability and expense percentages are computed on Total Income excluding bullion sales 35
Sensitivity: Internal
 Statement of Profit and Loss: Consolidated

Particulars (₹ crores) Q1FY24 Q1FY25 YoY%

Operating Revenue 10,955 12,188 11.3%
Total Income 11,069 12,308 11.2%
EBITDA 1,239 1,367 10.3%
% 11.2% 11.1% (9) bps
EBIT 1,111 1,203 8.3%
% 10.0% 9.8% (26) bps
PAT 756 715 (5.5%)
% 6.8% 5.8% (102) bps

Note:
1. Operating Revenue and Total Income excludes bullion and digi-gold sales of ₹1,078 cr and ₹942 cr in Q1FY25 and Q1FY24 respectively
2. Profitability and expense percentages are computed on Total Income excluding bullion and digi-gold sales
3. Provision for an impairment amounting to ₹111 cr (through the Fair Value Other Comprehensive Income (FVTOCI) method) has been made for the strategic investment in Great Heights Inc.
With this provision, the total equity investment of US$20 mn made by TCL NA in Great Heights Inc. is fully impaired 36
Sensitivity: Internal
 Segment Performance

Total Income (₹ crores) EBIT (₹ crores) EBIT Margin (%)

Particulars Q1FY24 Q1FY25 YoY% Q1FY24 Q1FY25 YoY% Q1FY24 Q1FY25 YoY
Jewellery 9,070 9,879 8.9% 999 1,103 10.4% 11.0% 11.2% 15 bps
Watches & Wearables 890 1,021 14.7% 102 115 12.7% 11.5% 11.3% (20) bps
EyeCare 203 209 3.0% 35 20 -42.9% 17.2% 9.6% (767) bps
Emerging Businesses 76 80 5.3% (27) (26) -3.7% (35.5%) (32.5%) 303 bps
Corporate 67 74 10.4% (6) (9) 50.0% (9.0%) (12.2%) (321) bps
Standalone exc. bullion 10,306 11,263 9.3% 1,103 1,203 9.1% 10.7% 10.7% (2) bps
CaratLane 639 754 17.9% 35 38 8.5% 5.5% 5.1% (44) bps
TEAL 61 197 225.6% (11) 11 -200.7% (18.6%) 5.8% 2,440 bps
Others / Consolidation Adj. 63 94 49.1% (16) (49) 212.7%
Consolidated exc. bullion / digi-gold 11,069 12,308 11.2% 1,111 1,203 8.3% 10.0% 9.8% (26) bps
Bullion and Digi-gold sales 942 1,078 14.4%
Consolidated 12,011 13,386 11.4%

Note:
1. Emerging Businesses include Indian Dress Wear, Fragrances & Fashion Accessories
2. Others consist of Titan Subsidiaries excluding CaratLane and TEAL
3. Consolidation Adj. consist of elimination adjustments made on account of differences between primary outgoes included in TCL Standalone and International Business (Consolidated)
4. EBIT margin is calculated on Total Income excluding bullion and digi-gold sales
5. Total Income and EBIT from International Business is included in the respective divisions 37
Sensitivity: Internal
 Capital Employed: Standalone

Jewellery Watches & Wearables EyeCare Emerging Businesses Titan Company

35,829
Assets

19,448 32,862
18,327

5,952 15,237
7,632 4,027 14,457
Equity

3,586

649 650 462 516

2,876
2,605
Liabilities

13,496 248
10,695 261 245 259 18,405 20,592

981 1,151 388 402 217 257

Mar'24 Jun'24 Mar'24 Jun'24 Mar'24 Jun'24

Mar'24 Jun'24 Mar'24 Jun'24

Note:
1. Figures in ₹ crores, unless stated otherwise
2. Emerging Businesses include Indian Dress Wear, Fragrances & Fashion Accessories
3. Titan Company figures include Corporate segment 38
Sensitivity: Internal
 Capital Employed: Consolidated

Jewellery Watches & Wearables EyeCare Other Businesses Titan Company

Assets

34,185
22,658 31,550
21,632
10,003
6,735 4,087 9,393
Equity

8,583 3,651 1,488

1,412

657 660
2,925 674 693
2,656
Liabilities

15,923 22,157 24,182

263 252
13,049
394 408 738 795
995 1,162

Mar'24 Jun'24 Mar'24 Jun'24 Mar'24 Jun'24

Mar'24 Jun'24 Mar'24 Jun'24

Note:
1. Figures in ₹ crores, unless stated otherwise
2. Other Businesses include Emerging Businesses (Indian Dress Wear, Fragrances & Fashion Accessories) and the subsidiary TEAL
3. Titan Company figures include Corporate segment 39
Sensitivity: Internal
 Consolidated: Quarterly Performance Trends
Total Income and YoY Growth
37%
26% 21% 24% 24% 21%
16% 19%
10% 12% 13% 14,110 11%
2.1% -0.4% 12,308
-3.9%
-10% 11,383 11,069 10,835 11,440
10,040 9,419
9,131 8,742
7,319 7,526 7,356 7,497 FY24: 47,454; 23%
6,550
5,208 4,693 4,753 4,210 FY23: 38,675; 38%
3,095
1,419 FY22: 27,988; 37%
FY20: 21,204; 6.2% FY21: 20,474; 3.4%
Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
% of FY 25% 22% 31% 22% 7% 21% 36% 37% 11% 26% 36% 27% 24% 23% 29% 24% 23% 23% 30% 24%

PBT and PBT Margin

1,344 1,378
1,142 1,245 1,252
868 13.4% 1,072 13.1%
741 988 1,002 991 973
730 11.8% 707 11.7% 11.6%
9.9% 10.7% 10.9% 10.5%
10.0% 10.1% 9.7% 9.4% 9.8%
9.1% 648 FY23: 11.5% 9.1% 8.7%
520 509 217 7.9%
425 FY22: 10.6%
5.2% FY24: 9.7%
FY20: 9.9%
39
FY21: 6.5% 1.3%

-361

Note: Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
1. Figures in ₹ crores, unless stated otherwise
2. Total Income excludes bullion and digi-gold sales 40
Sensitivity: Internal
 Consolidated: Annual Performance Trends
Total Income and YoY Growth PBT and PBT Margin PAT and PAT Margin
47,454 4,623
4,447 3,496
3,274
38,675 11.5%
10.6% 8.5%
9.9% 7.9% 7.4%
9.7% 7.0%
27,988 2,958 2,198
21,204 20,474 37% 38% 2,102
6.5% 1,493 4.8%
23% 1,327 974
6.2%
-3.4%

FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24

Total Equity Return on Average Capital Return on Average Equity

Employed 30.8%
32.8%
11,904
26.1%
9,333 9,393 38.8% 23.4%
36.4%
7,502 32.0% 32.7%
6,673
13.7%
18.4%

FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24

Note:
1. Figures in ₹ Crores, unless stated otherwise
2. Total Income excludes bullion and digi-gold sales 41
Sensitivity: Internal
 Consolidated: Annual Segment Trends
Jewellery Watches & Wearables EyeCare
Total Income and YoY Growth Total Income and YoY Growth Total Income and YoY Growth
41,361 726
3,930 689
33,706 3,310
544 517
46% 43%
24,478 2,622 38%
2,317 33%
36% 38% 375
17,319 17,963 19%
1,587
7.1% 6.9%
23% 5.4%

5.7% 3.7%
-39% -31%
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24

EBIT and EBIT Margin EBIT and EBIT Margin EBIT and EBIT Margin
408 393 98
4,812
4,387 316 80
12.1% 12.3%
3,069 10.0% 56
2,051 13.0% 100
12.5% 14.2%
11.8% 1,701 11.6% 4.3% 10.8% 11.0%
23
6.1%
9.5%
-2.6%
-8.3% -14
-132
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24
Note:
1. Figures in ₹ Crores, unless stated otherwise
2. Jewellery Total Income excludes bullion and digi-gold sales 42
Sensitivity: Internal
 About the
Company

Executive
Summary

Business
Performance

Financial
Performance

• Dividend
Other • Shareholding information
Updates • Awards & Recognition
• ESG at Titan

Sensitivity: Internal
 Dividend

Note:
1. Amounts in Orange boxes refer to Total Dividend Payout in ₹ Crores 44
Sensitivity: Internal
 Shareholding Information

Shareholding Pattern as at March 31, 2024 Stock Information

BSE Ticker 500114
NSE Ticker TITAN
BSE Market Capitalization (Jun 30, 2024) ₹3 lakh crores

Retail
Number of Shares Outstanding 88.78 crores
19%

Insurance Cos. & Banks BSE Market Capitalization (₹ Crores)

4%
Mutual Funds Promoters 3,37,780
6% 53%
3,02,389

Foreign
Institutional 2,25,156 2,23,287
Investors
18%
1,38,322

82,893

FY20 FY21 FY22 FY23 FY24 Jun'24

45
Sensitivity: Internal
 Awards & Recognitions
• Economic Times ‘Business Leader of the Year 2023’ - Mr. C K Venkataraman
• ET Edge-Times Now ‘Most Impactful CEO’ - Ms. Suparna Mitra
• Multi Commodity Exchange of India ‘Leading Hedger – Bullion Segment of
the Year 2022-23’
• ‘Forbes Top 30 Talent Leaders 2024’ – Mr. Swadesh Behera
• ET Now ‘Best Organization for Customer Experience’ in 2024
• ICICI Lombard-CNBC TV18 India ‘Risk Management Award for Regulatory
Compliance Management’
• ‘Golden Award for Excellence in Bio-Diversity’ and the ‘Silver Award for
Outstanding Sustainability Initiatives’ at the ELCITA Sustainability Awards
2023-24
• ‘Top 40 India’s Workplaces in Health & Wellness’ by Great Place to Work
• ‘Best Companies to work for in Asia 2023’ by HR Asia
• ‘Excellence in Water Management’ at the CII National Awards
• Top rank at the 37th QCFI convention for the EyeCare ISCM manufacturing
facility
• ‘Top 24 Organizations – The Employer of the Future’ by Leadup Universe
• Taneira has been recognized by the Ministry of Textile for being the first in
the industry to set up standards of zari certification

46
Sensitivity: Internal
 ESG at Titan - Overview
Environment
Sourced Water storing
capacity
1.72 crore units 5,440 enhanced by
of renewable energy for our
manufacturing plants and
trees planted 1,751 lakh
offices (FY24) litres

Social
Empowered
16,000+ 41,000+ Gender Diversity
7 Lakh+
21,000+ Individual lives Individuals skilled for Females represent
beneficiaries through
Girl students through enriched through the employment, 29% our Social Impact
the Titan Kanya Integrated Village employability, and of total employees and workers
Program Programs
Development Program entrepreneurship Updated March 2024

Governance
Governed by the Independent oversight
Awarded
India’s Best Boards Tata Code of by the
2019-20 Conduct Board of Ethics
by Economic Times / Amrop (TCOC) Committee

Note: All figures are as on March 2024 47

Sensitivity: Internal
 Sustainability at Titan – Key Initiatives – Q1FY25 - (1/2)

• New partners are being identified for Girl child education , Teacher training and supporting Integrated development program
Girl child / in Tiruvanamalai, a city in Tamil Nadu
Education • Empowered lives of 21,000+ girls through Titan Kanya, Kanya+, and Kanya Sampurna programs
• Enhanced focus on Foundational Literacy & Numeracy, STEM, Life Skills, Libraries, Career Guidance

• 2nd Tribal entrepreneurship program has successfully rolled out products, the first one is being a sustainable entity in its
current form
Skill development
• 433 (out of 966 youth trained), including 79 PwDs & 191 secured employment/self-employment
for underprivileged
• New partner in place in Sikkim focusing on Automotive and Hospitality training
• Coimbatore campus has shown very good promise in terms of enrolments and placements

• Our Tribal school has had the maximum enrolments during the previous year. The quarterly focus has been on student
Affirmative Action
retention. We have kick started the scholarship program for the year

Support for Indian

Arts, Crafts & • Design Impact program (DIM): 57 projects as part of DIM have been shortlisted and awaiting further engagements .
Heritage and Launched the DIA program and the initial response (focusing on water) has been encouraging
Design Impact • Our existing support to the crafts segments continue. Newer segments are being explored in Kashmir
program

48
Sensitivity: Internal
 Sustainability at Titan – Key Initiatives – Q1FY25 - (2/2)

• Our Happy Eyes program is doing well. We have initiated camps in Tamil Nadu and Karnataka and screened more than 67k
beneficiaries
Responsible • Employee engagement through volunteering continues in full swing, including special focus on sustainability led programs
citizenship • Our integrated village development programs in the states of Uttarakhand , Nagaland, Tamil Nadu continue to make steady
progress. Interventions include capacity building, strengthening village and field bunds, FPO marketing etc.
• New water body has been identified for rejuvenation in Tamil Nadu

• Successfully completed the first BRSR and incorporated a new look Integrated Report for FY 2023-24
• Celebrated World environment day across all manufacturing locations and in Corporate
• We continue to focus on Extended Producer Responsibility (EPR) for the plastics used in our packaging
Other Initiatives • A small water restoration project (Kalyani-near Chikkaballapur, Karnataka) was handed back to the community after full
restoration of the water body
• Steady progress is happening for the water body restoration in Hosur, Tamil Nadu
• Double materiality assessment has been completed in this quarter

49
Sensitivity: Internal
 Glimpses of ESG Activities Undertaken

Rooftop Oxygen Park Happy Eyes Program Kanya Learning Centre

Jewellery ISCM

50
Sensitivity: Internal
 Annexures

Sensitivity: Internal
 Jewellery: Quarterly Trends (Standalone)
Total Income and YoY Growth
37%
11,709
9,518 24% 23%
16% 18% 19% 19% 19% 9,879
13% 11% 11% 9,070
8,563 8,575 8,998 8.9%
-1.5% -2.3% -4.2% 7,600 7,203 7,576
-5.8%
6,249 6,397 6,106 6,132
5,409
FY24: 38,352; 20%
4,047 3,754
3,528 3,446
2,467 FY23: 31,897; 37%
1,182 FY22: 23,268; 35%
FY20: 16,738; 4.4% FY21: 17,274; 3.2%

Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
% of FY 24% 21% 32% 23% 7% 20% 36% 37% 11% 26% 37% 26% 24% 22% 30% 24% 24% 22% 31% 23%

EBIT and EBIT Margin

1,432
1,260 1,236 1,206
1,103 1,089 1,103
1,027 997 999
701 752 793 780 15.3%
14.2% 703 14.7% 14.1%
442 384 13.0% 13.0% 13.5% 13.0% 13.2%
534 12.0% 12.7% 12.2% 12.1%
10.9% 10.9% 11.0% 207 11.0% 11.2%
285
8.3% 8.4% FY23: 13.7%
FY22: 13.1% FY24: 12.3%
FY20: 12.3%
FY21: 9.8%

(54)
Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
Note:
1. Figures in ₹ crores, unless stated otherwise
2. Total Income excludes bullion sales 52
Sensitivity: Internal
 Jewellery: Quarterly Trends (Consolidated)
Total Income and YoY Growth
39% 12,552
10,131 25% 22% 23% 24% 21% 10,730
14% 16% 18%
12% 13% 9,754 9,792 10.0%
9,005 9,263
0.1% -1.6% -2.8% 7,995 8,065
-5.0% 7,515
6,496 6,653 6,379 6,468
5,606
FY24: 41,361; 23%
4,164 3,899
3,650 3,592
2,626 FY23: 33,706; 38%
1,222 FY22: 24,478; 36%
FY20: 17,319; 5.7% FY21: 17,963; 3.7%

Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
% of FY 24% 21% 32% 23% 7% 20% 36% 37% 11% 26% 37% 26% 24% 22% 30% 24% 24% 22% 30% 24%

EBIT and EBIT Margin

1,482
1,288 1,243 1,217
1,052 1,088 1,091 1,102
1,004 1,022
766 803 780
704 717 14.3% 14.5%
438 13.6% 13.2% 13.1%
12.6% 530 11.8% 12.6% 12.1% 12.3% 12.4% 11.8%
10.5% 10.4% 286 10.8% 10.5% 11.1% 10.3%
198
379
8.0% 7.5% FY23: 13.0%
FY20: 11.8% FY22: 12.5% FY24: 11.6%
FY21: 9.5%
(68)
Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
Note:
1. Figures in ₹ crores, unless stated otherwise
2. Total Income excludes bullion and digi-gold sales 53
Sensitivity: Internal
 Watches & Wearables: Quarterly Trends (Standalone)
Total Income and YoY Growth
40%
29% 32%
20% 21% 21%
12% 15% 13% 1,092 15%
6.4% 4.9% 7.9% 1,021
-2.4% -0.3% 982 940
-12% 811 871 890
785 829
715 719 687 708
625 622
557 550 555 FY24: 3,904; 18%
400 FY23: 3,296; 43%
292
FY20: 2,615; 7.2% 75
FY22: 2,309; 46%
FY21: 1,580; (40)%
Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
% of FY 27% 27% 24% 22% 5% 25% 35% 35% 13% 30% 31% 27% 24% 25% 25% 26% 23% 28% 25% 24%

EBIT and EBIT Margin

160
128
17.9% 113 123
92 103 102 115
15.8% 72 14.8% 89 98 14.7%
13.0% 57 13.5% 82 13.1% 80
52 46 11.6% 11.0% 11.3% 11.5% 55 11.3%
10.3%
8.3% 8.3% 16 8.5%
5.6%
2.6%
FY20: 14.0% -0.9% FY23: 12.5%
FY24: 10.2%
(4) (56)
FY21: (4.1)% FY22: 5.8%

(164)
Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
Note:
1. Figures in ₹ crores, unless stated otherwise 54
Sensitivity: Internal
 Watches & Wearables: Quarterly Trends (Consolidated)
Total Income and YoY Growth
41%
29% 32%
20% 21% 16% 22%
12% 14% 12%
6.1% 5.1% 1,092 6.3%
-2.2% 0.2% 986 1,023
-12% 883 913 939
786 830 811
716 720 689 710
627 625
558 551 559 FY24: 3,930; 19%
401 FY23: 3,310; 43%
293
FY20: 2,622; 7.1% 76 FY22: 2,317; 46%
FY21: 1,587; (39)%
Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
% of FY 27% 27% 24% 22% 5% 25% 35% 35% 13% 30% 31% 27% 24% 25% 24% 27% 23% 28% 25% 24%

EBIT and EBIT Margin

160
119
104 122 111
16.6% 90 98 106 101
14.4% 80 14.7% 82 14.7% 76
13.1% 12.5% 12.0%
54 11.2% 11.1% 56 10.9%
39 9.7% 38 10.1%
15 6.8% 8.1%
6.2% 5.7%
2.7%
FY20: 12.1% (12) (9) FY23: 12.3%
-1.4% FY24: 10.0%
-3.0%
(61)
FY22: 4.3%
FY21: (8.3)%
(173)
Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
Note:
1. Figures in ₹ crores, unless stated otherwise 55
Sensitivity: Internal
 EyeCare: Quarterly Trends (Standalone)
Total Income and YoY Growth
28% 26% 23%
13% 18% 12%
5.1% 11% 11%
2.9% 4.9% 0.6% 3%
-7.0% -4.0%
-16% 203 209
183 188
167 174 165 167 166
149 154 160 156
133 124 127 134
108 FY24: 724; 5.1%
94
67 FY23: 689; 33%

FY20: 544; 6.9% 30

FY22: 517; 38%
FY21: 375; (31)%
Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
% of FY 27% 28% 25% 20% 8% 25% 33% 34% 13% 31% 30% 26% 27% 24% 25% 24% 28% 26% 23% 23%

EBIT and EBIT Margin

37 34 36 35
32
28 28
22 23 22.9% 21.8%
17.7% 18.1% 19.8% 18.4% 20
16.5% 17.2% 14
9 14.9%
9.6% 8 9.6%
8.4%
2 2 2 4.8%
1.3% 1.7% 1.2%
-2.2% FY23: 14.2%
-5.0% (3) FY24: 11.7%
-7.7% (7)
(11) FY22: 10.5%
FY21: 6.1% (13)
FY20: (2.6)% (31)
Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
Note:
1. Figures in ₹ crores, unless stated otherwise 56
Sensitivity: Internal
 Statement of Profit and Loss: Standalone
Profit and Loss statement
Q1FY24 Q1FY25 YoY%
(in ₹ Crores)
Sale of products / services 10,103 11,105 9.9%
Other operating revenue 1,042 948 (9.0%)
Other Income 99 118 19.2%
Total Income 11,244 12,171 8.2%
COGS 8,805 9,528 8.2%
Gross Contribution 2,439 2,643 8.4%
% 23.7% 23.5% (20) bps
Employee benefits expense 370 416 12.4%
Advertising 207 202 (2.4%)
Other expenses 660 696 5.5%
Total Overheads 1,237 1,314 6.2%
EBITDA 1,202 1,329 10.6%
% 11.7% 11.8% 14 bps
Depreciation 99 126 27.3%
EBIT 1,103 1,203 9.1%
% 10.7% 10.7% (2) bps
Finance cost 79 182 130%
PBT 1,024 1,021 (0.3%)
% 9.9% 9.1% (87) bps
Tax 247 251 1.8%
PAT 777 770 (0.9%)
% 7.5% 6.8% (71) bps

Note:
1. Operating Revenue and Total Income includes bullion sales of ₹908 cr and ₹938 cr in Q1FY25 and Q1FY24 respectively
2. Profitability and expense percentages are computed on Total Income excluding bullion sales 57
Sensitivity: Internal
 Statement of Profit and Loss: Consolidated
Profit and Loss statement
Q1FY24 Q1FY25 YoY%
(in ₹ Crores)
Sale of products / services 10,851 12,223 12.6%
Other operating revenue 1,046 1,043 0%
Other Income 114 120 5.3%
Total Income 12,011 13,386 11.4%
COGS 9,255 10,336 11.7%
Gross Contribution 2,756 3,050 10.7%
% 24.9% 24.8% (12) bps
Employee benefits expense 448 523 16.7%
Advertising 274 290 5.8%
Other expenses 795 870 9.4%
Total Overheads 1,517 1,683 10.9%
EBITDA 1,239 1,367 10.3%
% 11.2% 11.1% (9) bps
Depreciation 128 164 28.1%
EBIT 1,111 1,203 8.3%
% 10.0% 9.8% (26) bps
Finance cost 109 230 111.0%
Share of profit/ (loss) of Associate 0 0
PBT 1,002 973 (2.9%)
% 9.1% 7.9% (115) bps
Exceptional items 0 0
Tax 246 258 5%
PAT 756 715 (5.5%)
% 6.8% 5.8% (102) bps
Note:
1. Operating Revenue and Total Income includes bullion and digi-gold sales of ₹1,078 cr and ₹942 cr in Q1FY25 and Q1FY24 respectively
2. Profitability and expense percentages are computed on Total Income excluding bullion and digi-gold sales
3. Provision for an impairment amounting to ₹111 cr (through the Fair Value Other Comprehensive Income (FVTOCI) method) has been made for the strategic investment in Great Heights Inc.
With this provision, the total equity investment of US$20 mn made by TCL NA in Great Heights Inc. is fully impaired 58
Sensitivity: Internal
 Thank You!
For any queries, please email to investor-relations@titan.co.in

Sensitivity: Internal