Titan Company Ltd — FY25 / Q4 FY25 Summary & Outlook

Financial Highlights — Q4 FY25 & Full FY25 • In Q4 FY25, Titan recorded a consolidated net profit of ~₹871 crore, up ~13% year-on-year (YoY). • Total income in Q4 FY25 rose ~22-23% YoY to ~₹14,049 crore. • Earnings before interest & tax (EBIT) for Q4 increased ~23% YoY to ~₹1,470 crore. Profit before tax (PBT) rose similarly to ~₹1,218 crore. • For full year FY25, total income was ~₹57,818 crore, around 22% higher than FY24. EBIT for the year rose modestly; PBT declined somewhat (about 2%), mainly due to changes in custom duty on gold. Net profit (PAT) for FY25 was ~₹3,337 crore, a small decline YoY. Segment & Business Trends • Jewellery segment (brands like Tanishq, Mia, Zoya): strong growth. In Q4, income in this segment grew ~25% YoY. Gold jewellery & coins grew ~30%, while studded jewellery grew ~12%. • Watches & Wearables: Q4 income up ~20% YoY, delivering healthy growth. • Eyecare: showing signs of recovery; Q4 growth was positive. • Emerging Businesses (fragrances, fashion accessories, etc.): Growth is slower; some segments still incurring losses. Margin, Challenges & Key Cost Pressures • Margin pressures have surfaced: gold price volatility and custom duty changes impacted profits and cost side. • PBT for full FY25 lower than expected, impacted by changes in gold duty and inflation in input costs. • Profit growth on full-year basis declined slightly, even as revenue grew meaningfully. Outlook & Strategic Focus Areas • Titan has crossed the ₹50,000 crore revenue mark, which is a key milestone. • The premiumisation strategy (higher ticket jewellery, studded jewellery, watches) seems to be working. • International expansion (new stores abroad) is being pursued to de-risk dependence on domestic demand fluctuations. • Consumer demand could get impacted if gold prices rise further, or if macro-economic headwinds hit discretionary spending.