SEC 132 / 2024-25 5th November 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: Second quarter earnings call for FY 2024-25 – Investors Presentation

Further to our communication dated 18th October 2024, attached is a copy of the investor
presentation regarding second quarter earnings as required under Regulation 30 of SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015.

Kindly take the same on record and acknowledge receipt.

Yours truly,
For TITAN COMPANY LIMITED
DINESH Digitally signed by
DINESH SHIVANNA
SHIVANN SHETTY
Date: 2024.11.05
A SHETTY 16:14:15 +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 and half year ended September 30, 2024
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.
 • The Titan Story
• Our Journey So Far
About the
• Our Business Segments
Company
• Titan Brands
• Titan Company Structure
Executive Summary

Executive
Summary
Business Performance

Business
Performance
Financial Performance

Financial
Performance
Other Updates

Other
Updates
 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
 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
Our Business Segments

Jewellery Watches & Wearables EyeCare

Indian Dress Wear Fragrances Fashion Accessories

6
 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
 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+ 80+
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

130+
Departmental
Store Presence

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

Watches & Indian Dress Fashion

Segments Jewellery EyeCare Fragrances
Wearables Wear Accessories

Luxury

Premium

Mid-Market

Mass Market

9
 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
Titan Company Structure
Titan Company Limited

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

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

11
 About the Company

About the
Company

• Titan at a Glance
Executive • Management Commentary
Summary • Q2FY25 Standalone Highlights
• Q2FY25 Consolidated Highlights

Business Performance

Business
Performance
Financial Performance

Financial
Performance
Updates
Other

Other
Updates
 Titan at a Glance

₹515 bn ₹3,393 bn 3,171 4.44 mn

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

~12k 11 36 mn+ 429

Manufacturing and
Employees on roll Assembly Facilities Encircle Members Town Presence

Note:
1. Total Income excludes bullion and digi-gold sales
2. Market Capitalization on BSE as of September 30, 2024
3. All numbers are on a consolidated basis 13
Management Commentary

“After a muted Q1, Q2 witnessed encouraging growth across key businesses. Jewellery clocked healthy double-digit growth for
the quarter. Our portfolio approach in this business of straddling diverse customer needs through the brands of Tanishq, Mia,
Zoya and CaratLane is working well. The buyer growth metrics were fairly strong and in good double-digits across gold and
studded product categories. The quarter also witnessed analog watches growing 25%+ over last year with commensurate
uptick in volumes. Titan brand continues to be Indian consumers proud choice in this segment.

On account of the customs duty related losses, as well as the need to invest in growth of various businesses, the profitability of
Q2 was quite depressed. However, we are quite confident about the competitiveness of each of our businesses and we remain
optimistic about our performance for rest of the financial year”

- Mr. C K Venkataraman, Managing Director

14
 Q2FY25: Standalone Highlights
Jewellery Watches & Wearables EyeCare Emerging Businesses Titan Company
86 86 11 10 2 2 1 1 +24.2%

+25.5% 12,458
Total Income

10,763 +19.1% 10,027

8,575 +6.9%
1,301
1,092 201 +14.0%
188
93 106

Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25

83 -17.5%
88 12 17 2 2
EBIT and EBIT Margin

-22.7% 1,367
13.6%
1,206
14.1% +21.3% (25.8%) (27.4%) 1,128
932 194 9.1%
8.7% 160 -14.3%
14.7% 14.9%
28
24

14.9% 11.9% (24)

(29)
Note: Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25
Q2FY24 Q2FY25
1. Figures in ₹ crores, unless stated otherwise
2. Total Income in Jewellery and Titan Company excludes bullion sales of ₹884cr and ₹1,755 cr in Q2FY25 and Q2FY24 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
 Q2FY25: Consolidated Highlights
Jewellery Watches & Wearables EyeCare Other Businesses Titan Company
85 86 10 10 2 1 2 2 +26.0%
+27.1%
13,660
Total Income

11,775
+19.4% +38.1% 10,837
9,265
1,304 +6.9% 301
1,092
202 218
189

Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25

87 82 11 16 2 2
EBIT and EBIT Margin

-14.7%
-20.0%
1,392
1,217 12.8%
13.1% +22.5% 1,188

974 196 8.7%

8.3% 160 -12.0%

15.0% 25
14.7% 22 (0.9%)
(2)
13.2% 10.9% (1.3%)

Q2FY24 Q2FY25 Q2FY24 Q2FY25 (4)

Note: Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25
1. Figures in ₹ crores, unless stated otherwise
2. Total Income in Jewellery and Titan Company excludes bullion and digi-gold sales of ₹996 cr and ₹1,816 cr in Q2FY25 and Q2FY24 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
 About the Company

About the
Company
Executive Summary

Executive
Summary

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

Financial
Performance
Updates
Other

Other
Updates
 Jewellery (Domestic): Quarterly Performance
• Q2 domestic income rebounded after a sluggish Q1 to record c.25% YoY growth to Particulars (₹ cr) Q2FY24 Q2FY25 YoY%
₹10,568 crs. The gold rush triggered by custom duty (CD) reduction lasted well into mid- Domestic 8,440 10,568 25.2%
September, resulting in buyer growth of c.12% YoY and ASP growth of c.10% YoY International (Primary) 135 195 44.2%
• Gold segment (including coins) grew c.30% YoY; Studded grew c.12% YoY; The like-to-like Total Income 8,575 10,763 25.5%
(L2L) (secondary) growth for the Division came at 15% for the quarter EBIT 1,206 932 (22.7%)
• Buyer interest in studded was quite encouraging resulting in healthy double-digit YoY EBIT Margin 14.1% 8.7% (540) bps
growths. Within sub-categories, solitaire sales (large size) were impacted as consumers
preferred a wait-and-watch approach amidst soft international prices
• The CD reduction had an impact of ₹290 crs in the quarter (due to lower customer Product Mix
realizations to that extent); The normalized Q2FY25 EBIT was ₹1,222 crs, at 11.4% margin % of Domestic Jewellery sales
• 11 new stores (net) were added in Tanishq, 12 stores in Mia and 1 stores in Zoya Q2FY24 Studded Q2FY25
respectively in India during the quarter Gold, Coins, Others

33% 30%

A person in a red dress

Description automatically generated

A person in a blue dress in a boat

Description automatically generated

67% 70%

Jewellery Secondary UCP YoY Growth

21% 15%
Overall Like to like

Note: Total Income excludes bullion sales of ₹884 cr and ₹1,755 cr in Q2FY25 and Q2FY24 respectively 18
A child with a bow and arrow

Description automatically generated

Empowering Partnerships: Celebrating

Strength and Inclusivity with Sheetal Devi

Sheetal Devi, Indian Paralympic Champion, joins Mia by

Tanishq as a brand ambassador. This partnership reflects
strength, resilience and inclusivity, aligning with Mia’s values
and empowering diverse audiences.

19
 CaratLane: Quarterly Performance
• Total Income grew c. 27.9% YoY to ₹829 cr Particulars (₹ cr) Q2FY24 Q2FY25 YoY%
Total Income 648 829 27.9%
• Revenue from the Studded category grew c. 41% YoY, its contribution improving by
~7pp to c. 79% for the quarter EBIT 26 58 118.7%
EBIT Margin 4.1% 7.0% 289 bps
• Activations in July and August 2024 spurred growth in new customer acquisition by c.
21% YoY and growth in brand searches by c. 30% YoY
• The brand campaign of #WearYourWins was launched in July 2024, urging women to Secondary UCP YoY Growth
celebrate their wins, created good enthusiasm and engagement across all channels.
43% 28%
• Two special collections were launched during the quarter,. 'Peak' - featuring a Overall Like to like
patented cut, and 'Disney', both recording good success amongst customers
• EBIT for Q2FY25 came at ₹58 cr at a margin of 7.0%
• CaratLane added 11 new stores (net) in the quarter taking the total store count to 286
stores spread across 119 cities pan-India

Note:
1. Total Income excludes bullion and digi-gold sales of ₹143 cr and ₹63 cr in Q2FY25 and Q2FY24 respectively
2. Video hyperlinks embedded for the above campaigns and collections 20
Jewellery: Retail Network

Brand Particulars Jun'24 QTD Add. Sep'24

Stores - Domestic (#) 475 11 486
Stores - International (#) 16 - 16
Area sq. ft. (mn) 2.16 0.09 2.25
Town Presence (#) 286 4 290
Stores - Domestic (#) 196 11 207
Stores - International (#) 1 1 2
Area sq. ft. (k) 155 13 168
Town Presence (#) 80 3 83
Stores (#) 11 1 12
Area sq. ft. (k) 31 3 34
Town Presence (#) 8 1 9
Stores (#) 275 11 286
Area sq. ft. (k) 375 12 388
Town Presence (#) 112 7 119

21
 About the Company

About the
Company
Executive Summary

Executive
Summary

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

Financial
Performance
Updates
Other

Other
Updates
 Watches & Wearables (Domestic): Quarterly Performance
• Business recorded strong performance for the quarter with YoY revenue growth of c. 19%
driven by analog watches segment that grew by c. 26% YoY Particulars (₹ cr) Q2FY24 Q2FY25 YoY%
Domestic 1,075 1,276 18.7%
• In analog, Titan brand grew 32% YoY aided by strong volume growth indicating continued International (Primary) 17 25 45.9%
consumer preference for premium brands. Sonata and Fastrack brands too recorded Total Income 1,092 1,301 19.1%
healthy growths at c.20% and c.18% YoY respectively.
EBIT 160 194 21.3%
• Helios channel grew strongly at c.43% YoY (28% L2L retail growth), reinforcing the EBIT Margin 14.7% 14.9% 26 bps
premiumization theme continuing to find good traction amongst Indian consumers
• While volumes in Wearables segment grew in double-digits, the average selling prices Distribution of Wearables as
continued to decline leading to c.13% YoY drop in their Revenue % of Domestic W&W sales
• EBIT for Q2FY25 came at ₹194 cr recording a margin of 14.9% 12%
17%
• Of the 34 new domestic stores (net) opened in Q2, 18 stores were in Titan World, 14 in Wearables
Helios and 2 in Fastrack respectively
Analog
A person wearing a black dress

Description automatically generated

Q2FY24
Q2FY25

Secondary UCP Overall Like to like

YoY YoY

Titan World 15% 11%

Helios 43% 28%

Fastrack 14% 5%

LFS 11% 3%
Note: Video hyperlink embedded for the Raga by Titan ‘#BeautifulTogether’ campaign 23
 Watches & Wearables: Retail Network
Brand Particulars Jun'24 QTD Add. Sep'24
Stores (#) 670 18 688
Area sq. ft. (k) 472 11 483
Town Presence (#) 329 5 334
Stores (#) 242 14 256
Area sq. ft. (k) 178 9 188
Town Presence (#) 91 4 95
Stores (#) 225 2 227
Area sq. ft. (k) 107 2 109
Town Presence (#) 103 3 106

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

Note: In Q1FY25, the store 24

network presence was interchangeably presented between Helios and Fastrack. The error is deeply regretted.
 About the Company

About the
Company
Executive Summary

Executive
Summary

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

Financial
Performance
Updates
Other

Other
Updates
EyeCare (Domestic): Quarterly Performance
• Domestic operations Revenue grew 6.9% YoY Particulars (₹ cr) Q2FY24 Q2FY25 YoY%
• Frames and Lenses saw healthy double-digit growth in volumes that was partly offset Domestic 187 199 6.6%
by decline in Sunglasses due to seasonality International (Primary) 1 2 50.6%
• Consumer preferences for premium offerings saw sales of International brands Total Income 188 201 6.9%
record growth c. 53% YoY driven by good uptick in Lenses and Frames
EBIT 28 24 (14.3%)
• The introduction of aggressively priced affordable fashion frames and lenses in
EBIT Margin 14.9% 11.9% (295) bps
Q3FY24 led to ASP decline, impacting Revenue growth despite good volume growth in
key categories
Titan Eye+ Secondary UCP YoY Growth
• Business increased the promotional activities resulting in higher YoY increase in
advertising expenses (double-digits growth for the quarter) 5% 3%
• EBIT for Q2FY25 came at ₹24 cr at a margin of 11.9% Overall Like to like
• Division added 3 new stores (net) during the quarter in Titan Eye+

Crest
Fastrack

Aristo 26
EyeCare: Retail Network

Brand Particulars Jun'24 QTD Add. Sep'24

Stores - Domestic (#) 901 3 904
Stores - International (#) 4 - 4
Area sq. ft. (k) 575 4 579
Town Presence (#) 351 (2) 349
Stores (#) 2 (1) 1
Area sq. ft. (k) 1.1 (0.5) 0.5
Town Presence (#) 2 (1) 1
Stores (#) 1 - 1
Area sq. ft. (k) 0.5 - 0.5
Town Presence (#) 1 - 1

27
 About the Company

About the
Company
Executive Summary

Executive
Summary

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

Financial
Performance
Updates
Other

Other
Updates
 Emerging Businesses: Quarterly Performance
• Taneira’s business grew c.12% YoY led by growth from new stores. The brand added 4 Particulars (₹ cr) Q2FY24 Q2FY25 YoY%
new stores in the quarter expanding its presence to 81 locations across 41 cities Total Income 93 106 14.0%
EBIT -24 -29 (20.8%)
• Revenue in Fragrances grew c.19% YoY led by c.26% YoY growth in SKINN that was well
supported by c.27% YoY volume growth EBIT Margin (25.8%) (27.4%) (155) bps

• In Fashion Accessories, Fastrack and IRTH bags recorded strong growth in double- Summer Blooms
digits; the normalized Revenue growth (adjusting for the discontinued belts & wallets Vibrant Summer Florals
segment) was c.76% YoY on lightweight fabrics
capturing the season’s
• EBIT (loss) for the Emerging Businesses was (29)cr for Q2FY25 essence

A person giving a person a ring to a person

Description automatically generated

Note: Video hyperlink embedded for Taneira’s ‘Laal Paar’ collection 29

Taneira: Retail Network

Brand Particulars Jun'24 QTD Add. Sep'24

Stores (#) 77 4 81
Area sq. ft. (k) 227 12 239
Town Presence (#) 39 2 41

Taneria Saree Run – Pune

30
Executive Summary

Executive
Summary

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

Financial
Performance
Updates
Other

Other
Updates
 International Businesses (Consolidated): Quarterly Performance
International Total Income (₹ Crores)
Jewellery Total Income (₹ cr) Q2FY24 Q2FY25 YoY%
• Revenue from International operations of Jewellery business grew c.62% YoY to ₹273 Jewellery 168 273 62.1%
cr Others 21 32 53.6%
• The YoY growth was largely led by increase in stores across GCC, US (North America) International Business 189 305 61.1%
and Singapore regions in the last 12 months and well supported by healthy sales in
UAE stores
• During the quarter, a second Mia store was opened in Abu Dhabi taking the total
Jewellery international footprint to 18 stores comprising of 16 Tanishq stores and 2
Mia stores
• Other businesses, comprising largely of Watches grew c. 49% YoY, driven primarily
by business growths in both GCC and South-East Asia geographies. In addition to
export contibutions from Vietnam, Bangladesh etc., the Exclusive Business Outlets
(EBOs) in Dubai are also supplementing and adding to segment's international
growth
Tanishq Middle East

Note:
1. Total Income in Jewellery and International Business excludes bullion sales of ₹73 cr in Q2FY25
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 Tanishq USA
4. W&W Total Income includes direct primary exports from TCL and secondary sales made by the Subsidiaries 32
 About the Company

About the
Company
Executive Summary

Executive
Summary

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

Financial
Performance
Updates
Other

Other
Updates
 TEAL: Quarterly Performance
• Total Income grew c.56% YoY to ₹196 cr Particulars (₹ cr) Q2FY24 Q2FY25 YoY%
Total Income 125 196 56%
• Within Divisions, Automation Solutions (AS) Revenue grew c.89% YoY and
Manufacturing Services* (MS) Revenue grew c. 24% YoY EBIT 20 25 26%
EBIT Margin 15.9% 12.8% (306) bps
• The AS business received orders of ₹101cr during the quarter. Their current
order book position as of Sep’24 is more than ₹475 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 ₹25 cr clocking 12.8% margin

Ball bearing assembly line

*Earlier known as Aerospace and Defense division 34

 About the Company

About the
Company
Executive Summary

Executive
Summary
Business Performance

Business
Performance

• Statement of Profit and Loss

Financial • Segment Performance
Performance • Capital Employed
• Financial Trends

Updates
Other

Other
Updates
 Statement of Profit and Loss: Standalone

Q2FY24 Q2FY25 YoY% Particulars (₹ crores) H1FY24 H1FY25 YoY%

9,905 12,331 24.5% Operating Revenue 20,112 23,476 16.7%
10,027 12,458 24.2% Total Income 20,333 23,721 16.7%
1,477 1,260 (14.7%) EBITDA 2,679 2,589 (3.4%)
14.7% 10.1% (462) bps % 13.2% 10.9% (226) bps
1,367 1,128 (17.5%) EBIT 2,470 2,331 (5.6%)
13.6% 9.1% (458) bps % 12.1% 9.8% (232) bps
940 705 (25.0%) PAT 1,717 1,475 (14.1%)
9.4% 5.7% (372) bps % 8.4% 6.2% (223) bps

Note:
1. Operating Revenue and Total Income excludes bullion sales of ₹884 cr and ₹1,755 cr in Q2FY25 and Q2FY24 respectively. (H1FY25 ₹1,792 cr and H1FY24 ₹2,692 cr )
2. Profitability and expense percentages are computed on Total Income excluding bullion sales 36
 Statement of Profit and Loss: Consolidated

Q2FY24 Q2FY25 YoY% Particulars (₹ crores) H1FY24 H1FY25 YoY%

10,713 13,538 26.4% Operating Revenue 21,669 25,804 19.1%
10,837 13,660 26.0% Total Income 21,907 26,046 18.9%
1,535 1,358 (11.5%) EBITDA 2,774 2,725 (1.8%)
14.2% 9.9% (422) bps % 12.7% 10.5% (220) bps
1,392 1,188 (14.7%) EBIT 2,503 2,390 (4.5%)
12.8% 8.7% (415) bps % 11.4% 9.2% (225) bps
916 704 (23.1%) PAT 1,672 1,419 (15.1%)
8.5% 5.2% (330) bps % 7.6% 5.4% (218) bps

Note:
1. Operating Revenue and Total Income excludes bullion and digi-gold sales of ₹996 cr and ₹1,816 cr in Q2FY25 and Q2FY24 respectively. (H1FY25 ₹1,996 cr and H1FY24 ₹2,757 cr )
2. Profitability and expense percentages are computed on Total Income excluding bullion and digi-gold sales 37
 Segment Performance : Q2FY25

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

Particulars Q2FY24 Q2FY25 YoY% Q2FY24 Q2FY25 YoY% Q2FY24 Q2FY25 YoY
Jewellery 8,575 10,763 25.5% 1,206 932 (22.7%) 14.1% 8.7% (540) bps
Watches & Wearables 1,092 1,301 19.1% 160 194 21.3% 14.7% 14.9% 26 bps
EyeCare 188 201 6.9% 28 24 (14.3%) 14.9% 11.9% (295) bps
Emerging Businesses 93 106 14.0% (24) (29) 20.8% (25.8%) (27.4%) (155) bps
Corporate 79 87 10.1% (3) 7 NM NM NM
Standalone excl. bullion 10,027 12,458 24.2% 1,367 1,128 (17.5%) 13.6% 9.1% (458) bps
CaratLane 648 829 27.9% 26 58 118.7% 4.1% 7.0% 289 bps
TEAL 125 196 56.0% 20 25 25.9% 15.9% 12.8% (306) bps
Others / Consolidation Adj. 37 178 NM (21) (23) NM
Consolidated exc. bullion 10,837 13,660 26.0% 1,392 1,188 (14.7%) 12.8% 8.7% (415) bps
Bullion 1,816 996 (45.2%)
Consolidated 12,653 14,656 15.8%

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 38
 Segment Performance : H1FY25

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

Particulars H1FY24 H1FY25 YoY% H1FY24 H1FY25 YoY% H1FY24 H1FY25 YoY
Jewellery 17,645 20,642 17.0% 2,205 2,035 (7.7%) 12.5% 9.9% (264) bps
Watches & Wearables 1,982 2,322 17.2% 262 309 17.9% 13.2% 13.3% 9 bps
EyeCare 391 410 4.9% 63 44 (30.2%) 16.1% 10.7% (538) bps
Emerging Businesses 169 186 10.1% (51) (55) 7.8% (30.2%) (29.6%) 61 bps
Corporate 146 161 10.3% (9) (2) NM NM NM
Standalone excl. bullion 20,333 23,721 16.7% 2,470 2,331 (5.6%) 12.1% 9.8% (232) bps
CaratLane 1,287 1,582 22.9% 61 96 55.8% 4.8% 6.0% 127 bps
TEAL 186 393 111.2% 9 36 322.1% 4.6% 9.3% 464 bps
Others / Consolidation Adj. 101 350 NM (37) (73) NM
Consolidated exc. bullion 21,907 26,046 18.9% 2,503 2,390 (4.5%) 11.4% 9.2% (225) bps
Bullion 2,757 1,996 (27.6%)
Consolidated 24,664 28,042 13.7%

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 39
 Capital Employed: Standalone

Jewellery Watches & Wearables EyeCare Emerging Businesses Titan Company

40,104
Assets

23,915
30,335
18,540 4,446 14,971
7,355
Equity

3,509
12,604
6,873
707 649 522
3,208
386
2,478
Liabilities

16,560 323 254 258 25,133

11,667 223 17,731
1,031 1,238 384 395 163 264

Sep'23 Sep'24 Sep'23 Sep'24 Sep'23 Sep'24

Sep'23 Sep'24 Sep'23 Sep'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 40
 Capital Employed: Consolidated

Jewellery Watches & Wearables EyeCare Other Businesses Titan Company

Assets

27,599 38,827

32,932
21,250 8,166
9,736
4,544
Equity

3,582 1,477 12,465

7,875
711 1,127
662
3,288 708
Liabilities

19,433 2,532 323 589 29,091

264
13,375 20,467
388 398 769
1,050 1,256 538

Sep'23 Sep'24 Sep'23 Sep'24 Sep'23 Sep'24

Sep'23 Sep'24 Sep'23 Sep'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 41
 Consolidated: Quarterly Performance Trends
Total Income and YoY Growth
37%
26% 21% 24% 24% 21% 26%
16% 19%
10% 12% 13% 14,110 11%
2.1% 13,660
-3.9% -0.4% 12,308
-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
6,550 FY24: 47,454; 23%
5,208 4,693 4,753 4,210 H1FY25: 25,968
3,095 FY23: 38,675; 38%
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 Q2'25
% 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 1,002 991 973 948
730 11.8% 707 11.7% 11.6%
9.9% 10.7% 10.1% 10.9% 10.5%
10.0% 9.7% 9.4% 9.8%
9.1% 648 9.1% 8.7%
520 509 217 7.9%
425 6.9%
5.2% FY23: 11.5%
FY22: 10.6%
39 FY24: 9.7% H1FY25: 7.4%
FY20: 9.9% 1.3%
FY21: 6.5%

-361
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 Q2'25
Note:
1. Figures in ₹ crores, unless stated otherwise
2. Total Income excludes bullion and digi-gold sales 42
 Consolidated: Annual Performance Trend
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 43
 Consolidated: Annual Segment Trend
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 44
 About the Company

About the
Company
Executive Summary

Executive
Summary
Business Performance

Business
Performance
Financial Performance

Financial
Performance

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

Note:
1. Amounts in Orange boxes refer to Total Dividend Payout in ₹ Crores 46
Shareholding Information
Shareholding Pattern as at 30 September, 2024
Stock Information
BSE Ticker 500114
18.46% NSE Ticker TITAN
BSE Market Capitalization (Sep 30, 2024) ₹3.4 lakh crores

4.22%
Number of Shares Outstanding 88.78 crores

6.20%
52.90%
BSE Market Capitalization (₹ Crores)

3,37,780 3,39,276

18.22%
2,25,156 2,23,287

1,38,322

Promoters 82,893
Foreign Institutional Investors
Mutual Funds
Insurance Cos. & Banks FY20 FY21 FY22 FY23 FY24 Sep'24
Retail
47
 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
• BW Sustainable India’s ‘One of India’s most Sustainable Companies in 2024’
award
• Awarded Employee Retention Champion in large team category at 18th Manning
Modern Retail HR Conclave
48
 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
2021 Conduct Board of Ethics
by Economic Times / Amrop (TCOC) Committee

Note: All figures are as on March 2024 49

Annexures
 Jewellery: Quarterly Trends (Standalone)
Total Income and YoY Growth
37% 10,763
11,709
9,518 24% 23% 9,879 25.5%
16% 18% 19% 19% 19%
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
4,047 3,754
3,528 3,446
2,467 FY23: 31,897; 37% H1FY25: 20,642
1,182 FY24: 38,352; 20%
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 Q2'25
% 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
1,027 997 999 932
701 752 793 780 15.3%
442 14.2% 703 14.7% 14.1%
384 13.0% 13.0% 13.5% 13.0% 13.2%
534 12.0% 12.7% 12.2% 12.1%
10.9% 10.9% 285 11.0% 207 11.0% 11.2%
8.3% 8.4% 8.7%
FY23: 13.7% FY24: 12.3% H1FY25: 9.9%
FY20: 12.3% FY21: 9.8% FY22: 13.1%

(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 Q2'25
Note:
1. Figures in ₹ crores, unless stated otherwise
2. Total Income excludes bullion sales 51
 Jewellery: Quarterly Trends (Consolidated)
Total Income and YoY Growth
39% 12,552 11,775
25% 23% 24% 27.1%
10,131 22% 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
4,164
3,650 3,899 3,592
FY24: 41,361; 23%
2,626 H1FY25: 22,505
FY23: 33,706; 38%
1,222
FY20: 17,319; 5.7% FY21: 17,963; 3.7% FY22: 24,478; 36%

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 Q2'25
% 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 1,022 974
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 8.3%
8.0% 7.5%
FY23: 13.0% FY24: 11.6% H1FY25: 9.2%
FY20: 11.8% FY22: 12.5%
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 Q2'25
Note:
1. Figures in ₹ crores, unless stated otherwise
2. Total Income excludes bullion and digi-gold sales 52
 Watches & Wearables: Quarterly Trends (Standalone)
Total Income and YoY Growth
40% 1,301
29% 32%
20% 21% 21% 19%
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
400
292 FY24: 3,904; 18% H1FY25: 2,322
FY20: 2,615; 7.2% 75 FY23: 3,296; 43%
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 Q2'25
% 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
17.9% 115 194
15.8% 98 102
14.8% 89 14.7% 80 14.9%
128 13.0% 13.5% 13.1% 123 11.0% 11.3%
113 11.6% 11.3% 11.5% 55
10.3% 92 103
8.3% 72 8.3% 82 16 8.5%
52 57 46 5.6%
2.6%
FY20: 14.0% -0.9%
(4) FY23: 12.5% FY24: 10.2% H1FY25: 13.3%
FY21: (4.1)% (56)
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 Q2'25
Note:
1. Figures in ₹ crores, unless stated otherwise 53
 Watches & Wearables: Quarterly Trends (Consolidated)
Total Income and YoY Growth
41% 1,304
29% 32%
20% 21% 16% 22% 19%
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
401
293 FY23: 3,310; 43%
FY20: 2,622; 7.1% 76 FY24: 3,930; 19% H1FY25: 2,327
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 Q2'25
% 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
196
16.6% 106 101 14.7% 111
119 14.4% 14.7% 82 15.0%
13.1% 12.5% 122 76
104 39 11.2% 12.0% 11.1% 56 10.9%
9.7% 38 90 98 10.1% 8.1%
6.2% 54 15 6.8% 80 5.7%
2.7% FY23: 12.3%
FY20: 12.1%
-1.4%
-3.0% (9) FY24: 10.0% H1FY25: 13.2%
(12) (61)
FY21: (8.3)% FY22: 4.3%
(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 Q2'25
Note:
1. Figures in ₹ crores, unless stated otherwise 54
 EyeCare: Quarterly Trends (Standalone)
Total Income and YoY Growth
28% 26% 23%
13% 18% 12%
5.1% 11% 11% 6.9%
2.9% 4.9% 0.6% 3.0%
-7.0% -4.0%
-16% 203 209 201
183 188
167 174 165 167 166
149 154 160 156
133 124 127 134
108
94
67
30 H1FY25: 410
FY20: 544; 6.9% FY23: 689; 33% FY24: 724; 5.1%
FY21: 375; (31)% FY22: 517; 38%

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 Q2'25
% 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% 24
17.7% 18.1% 19.8% 18.4% 20
16.5% 17.2% 14
9 14.9%
8 11.9%
9.6% 8.4% 9.6%
2 2 2 4.8%
1.3% 1.7% 1.2%
-2.2%
-5.0% (3) FY23: 14.2% FY24: 11.7% H1FY25: 10.7%
-7.7% (7)
(11) FY22: 10.5%
FY21: 6.1%
FY20: (2.6)% (13)
(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 Q2'25
Note:
1. Figures in ₹ crores, unless stated otherwise 55
 Statement of Profit and Loss: Standalone
Profit and Loss statement
Q2FY24 Q2FY25 YoY% H1FY24 H1FY25 YoY%
(in ₹ Crores)
9,903 12,268 23.9% Sale of products / services 20,006 23,373 16.8%
1,757 947 (46%) Other operating revenue 2,799 1,895 (32.3%)
122 127 4.1% Other Income 221 245 10.9%
11,782 13,342 13.2% Total Income 23,026 25,513 10.8%
9,050 10,650 17.7% COGS 17,855 20,178 13.0%
2,732 2,692 (1.5%) Gross Contribution 5,171 5,335 3.2%
27.2% 21.6% (564) bps % 25.4% 22.5% (294) bps
374 410 9.6% Employee benefits expense 744 826 11.0%
205 250 22.0% Advertising 412 452 9.7%
676 772 14.2% Other expenses 1,336 1,468 9.9%
1,255 1,432 14.1% Total Overheads 2,492 2,746 10.2%
1,477 1,260 (14.7%) EBITDA 2,679 2,589 (3.4%)
14.7% 10.1% (462) bps % 13.2% 10.9% (226) bps
110 132 20.0% Depreciation 209 258 23.4%
1,367 1,128 (17.5%) EBIT 2,470 2,331 (5.6%)
13.6% 9.1% (458) bps % 12.1% 9.8% (232) bps
106 195 84.0% Finance cost 185 377 104%
1,261 933 (26.0%) PBT 2,285 1,954 (14.5%)
12.6% 7.5% (509) bps % 11.2% 8.2% (300) bps
321 228 (28.9%) Tax 568 479 (15.6%)
940 705 (25.0%) PAT 1,717 1,475 (14.1%)
9.4% 5.7% (372) bps % 8.4% 6.2% (223) bps

Note:
1. Operating Revenue and Total Income includes bullion sales of ₹884 cr and ₹1,755 cr in Q2FY25 and Q2FY24 respectively (H1FY25 ₹1,792 cr and H1FY24 ₹2,693 cr )
2. Profitability and expense percentages are computed on Total Income excluding bullion sales 56
 Statement of Profit and Loss: Consolidated
Profit and Loss statement
Q2FY24 Q2FY25 YoY% H1FY24 H1FY25 YoY%
(in ₹ Crores)
10,708 13,473 25.8% Sale of products / services 21,559 25,696 19.2%
1,821 1,061 (42%) Other operating revenue 2,867 2,104 (27%)
124 122 (2%) Other Income 238 242 1.7%
12,653 14,656 15.8% Total Income 24,664 28,042 13.7%
9,599 11,522 20.0% COGS 18,854 21,858 15.9%
3,054 3,134 2.6% Gross Contribution 5,810 6,184 6.4%
28.2% 22.9% (524) bps % 26.5% 23.7% (278) bps
463 519 12.1% Employee benefits expense 911 1,042 14.4%
268 327 22.0% Advertising 542 617 13.8%
788 930 18.0% Other expenses 1,583 1,800 13.7%
1,519 1,776 16.9% Total Overheads 3,036 3,459 13.9%
1,535 1,358 (11.5%) EBITDA 2,774 2,725 (1.8%)
14.2% 9.9% (422) bps % 12.7% 10.5% (220) bps
144 171 18.8% Depreciation 272 335 23.2%
1,392 1,188 (14.7%) EBIT 2,503 2,390 (4.5%)
12.8% 8.7% (415) bps % 11.4% 9.2% (225) bps
140 240 71.4% Finance cost 249 470 88.8%
1 1 Share of profit/ (loss) of Associate 1 1
1,252 948 (24.3%) PBT 2,254 1,921 (14.8%)
11.6% 6.9% (461) bps % 10.3% 7.4% (291) bps
- - Exceptional items - -
336 244 (27%) Tax 582 502 (14%)
916 704 (23.1%) PAT 1,672 1,419 (15.1%)
8.5% 5.2% (330) bps % 7.6% 5.4% (218) bps
Note:
1. Operating Revenue and Total Income includes bullion and digi-gold sales of ₹996 cr and ₹1,816 cr in Q2FY25 and Q2FY24 respectively (H1FY25 ₹1,996 cr and H1FY24 ₹2,757 cr )
2. Profitability and expense percentages are computed on Total Income excluding bullion and digi-gold sales 57
Standalone Balance Sheet
in ₹ Crores Mar-24 Sep-24 Change
Fixed Assets 1,462 1,482 20
Right of use asset 1,225 1,349 124
Intangible Assets 91 103 12
Investments 6,178 6,801 623
Other non-current assets 1,213 1,280 67
Non-Current Assets 10,169 11,015 846

Inventories 16,874 22,496 5,622

Trade Receivables 937 1,384 447
Cash and Cash Equivalents 272 352 80
Other Bank Balances 533 574 41
Investments 1,635 1,467 (168)
Other Current Assets 2,442 2,816 374
Current Assets 22,693 29,089 6,396

Total Assets 32,862 40,104 7,242

Total Equity 14,457 14,971 514

Borrowings 3,139 1,809 (1,330)

Lease liability 1,666 1,847 181
Other non-current liabilities 238 260 22
Non-Current Liabilities 5,043 3,916 (1,127)

Borrowings 2,670 4,567 1,897

Gold on Loan 4,938 10,100 5,162
Trade Payables 943 1,567 624
Lease liability 248 265 17
Other Current Liabilities 4,563 4,718 155
Current Liabilities 13,362 21,217 7,855

Total Equity & Liabilities 32,862 40,104 7,242

58
Consolidated Balance Sheet
in ₹ Crores Mar-24 Sep-24 Change
Fixed Assets 1,826 1,856 30
Right of use asset 1,543 1,655 112
Intangible Assets 314 325 11
Goodwill 123 123 -
Investments 679 1,066 387
Other non-current assets 1,457 1,571 114
Non-Current Assets 5,942 6,596 654

Inventories 19,051 25,337 6,286

Trade Receivables 1,018 1,329 311
Cash and Cash Equivalents 409 536 127
Other Bank Balances 1,117 1,222 105
Investments 1,666 1,470 (196)
Other Current Assets 2,347 2,337 (10)
Current Assets 25,608 32,231 6,623

Total Assets 31,550 38,827 7,277

Total Equity 9,393 9,736 343

Borrowings 3,302 2,009 (1,293)

Lease liability 2,032 2,195 163
Other non-current liabilities 294 321 27
Non Current Liabilities 5,628 4,525 (1,103)

Borrowings 4,536 6,401 1,865

Gold on Loan 5,341 10,707 5,366
Trade Payables 1,410 1,971 561
Lease liability 317 336 19
Other Current Liabilities 4,925 5,151 226
Current Liabilities 16,529 24,566 8,037

Total Equity & Liabilities 31,550 38,827 7,277 59

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