Titan Company Ltd Management Discussions

Performance during the Financial Year 2023-24

The Company ended the Financial Year 2023-24 with a healthy double-digit growths across businesses despite macro-economic pressures. While the top-line performance was along the expected lines, the gross margins across businesses however came under pressure in the second half of the year, particularly in the Jewellery Division. The key performance trends across the various divisions were as under:

• A soft demand environment driven by volatile and elevated gold rates and amidst growing competitive intensity, necessitated suitable investments in consumer promotions to drive aggressive growth and customer acquisitions in the Jewellery segment.

• The premiumisation journey continues to see good progress in Titan and Helios in the Watches & Wearables Division.

• The EyeCare Division registered a modest growth in the top-line while the bottom-line was less than the previous year due to higher variable expenses.

• The emerging businesses registered a flat growth in the top-line while the bottom-line margins had reduced compared to the previous year owing to increased variable expenses.

WATCHES & WEARABLES DIVISION

The Financial Year 2023-24 saw an impressive year-on-year revenue growth of 19% in Net Sales Value, in a year which had significant headwinds, particularly in the affordable segment. Analogue watches grew by 12% which led to a market share increase in the multi-brand channels. The premium wave continued unabated with excellent consumer interest in premium brands like Titan and International Brands portfolio and premium channels like Helios and Large Format Stores. A new business vertical of premium watches was created, with specific focus on premium brands like Titan Edge, Titan Nebula and Xylys, which will be instrumental in taking this journey to the next level.

Brand Titan led the way through outstanding product launches like the Titan Stellar and Automatics. Titan Raga saw commendable growth by roping in new consumers through launches like Power Pearls and leveraged the womens segment opportunity. The affordable analogue watch brands like Sonata and Fastrack saw major headwinds as consumers held on to purchasing. In this milieu, Brand Fastrack saw the successful launch of Vyb, a new fashion forward sub-brand for young women. Sonatas new vibrant sub-brand called Poze created history by immediate acceptance in the affordable fashion category of watches. A new international brand, Cerruti 1881 was launched successfully during the year.

Smartwatches continued their explosive growth trajectory by growing at 56%, powered by Fastrack which became one of the top 4 brands in India.

The Division crossed a total of 1,120 own stores with a net network expansion of 116 stores and renovation of 90 stores during the Financial Year. The Multi-Brand Retail channel which faced huge headwinds due to lukewarm consumer interest, continued to transform, with 610 stores getting a dramatic makeover. Marketplace E-commerce channels showed very good growth and increase in market share for the Divisions brands.

The Division had the highest ever sales in smartwatches, with many successful launches in Fastrack. The E-commerce channel, which is the mainstay of the category, performed very well. The year also saw the introduction of our smartwatches in the mobile store distribution channel.

The manufacturing team made good progress on the R&D front through capability creation of premium watches in material, movement, plating, and finish of watches which were of significantly higher standards. The year also saw capacity increase of 20% in the ultra-modern stainless steel case plant in Coimbatore.

The outlook for the business remains very positive with larger growth rates in premium analogue and smartwatches segments and moderate growth in the larger mainline analogue watches segment.

JEWELLERY DIVISION

Like the previous year, the Financial Year 2023-24 was also volatile due to significant gold price spikes and a large drop in solitaire diamond prices driven by international geopolitical and macroeconomic forces. Despite that, and a highly competitive environment, the Jewellery Division clocked a healthy 20% topline growth driven by double digit buyer growth resulting in a market share growth across most markets. Same store growths have also been healthy at 16%.

Retail store transformation; Additions to retail network; Deeper regionalisation thrust in select markets; Omni-channel digital engine; Sustained investments in wedding and high value segments, have each contributed to this growth. Rivaah, the wedding focused sub-brand of Tanishq has established a prominent presence through dedicated floors across 180 larger sized Tanishq stores and is now visible in mass media round the year.

Mia by Tanishq also grew in topline by 34% on the back of strong network addition, ending the Financial Year with 180 stores across 77 towns. It has captured the imagination of younger set of customers with imaginative designs, relevant brand associations and digital-first marketing campaigns. CaratLane grew in topline by 31% and ended the year with a network of 281 stores across 110 towns. The omni-channel strategy, digital first marketing combined with innovative product lines has enabled it to win amongst the new age customer segment, which is also witnessing substantial competitive intensity with the entry of several new players. Zoya, the luxury brand has also built a strong reputation and consumer salience amongst the discerning wealthy and HNI segment. With a retail presence across the top 8 towns and several intricately designed and identity collections, Zoya is well placed to exploit the growing luxury opportunity emerging in India.

The portfolio play of our brands is well poised for exploiting the large opportunity on hand by tapping different customer segments with unique brand propositions.

Sudden spikes in gold rates could see temporary softening of customer demand. There is a likelihood of gold prices remaining elevated through the year, given the geopolitical uncertainties and elections across several countries and weak global economic outlook. The Division will continue to prioritise an aggressive growth strategy with strong investments in retail expansion, store inventory, exciting new collections, and visible marketing campaigns. Volatility in consumer demand may continue due to macroeconomic forces, but in the Financial Year 2024-25 as well as in the medium term the jewellery market opportunity is excellent, driven by formalisation, Indias GDP growth and significant headroom for market share gains.

Responsible Jewellery Supply Chain:

The Division continued to drive "Responsible Sourcing" with 98% of its vendors now in the "Standard" category on the

4P (People, Place, Process, Planet) framework, driven by a rigorous third-party assessment programme. 100% ethical sourcing of fresh London Bullion Market Association (LBMA) gold, recycled customer exchanged gold and 100% ethical diamond sourcing driven through a formal framework of Titan Supplier Engagement Protocol (TSEP) are all industry benchmarks set by the Division, in the backdrop of opaque industry practices in Indias Jewellery manufacturing ecosystem.

EYECARE DIVISION

The Financial Year 2023-24 was a mixed bag for the Division. While H1 recorded double digit growth, Q3 experienced strong headwinds and Q4 was slow as well. Consequently, the Division ended the year with a low 6% growth.

It has become a tradition for the Division to bring out its most powerful innovations of the year during Independence Day. This time, the Division launched 5 exciting new products:

• Zefr – the Divisions foray into luxury segment of frames and sunglasses, this range is designed and manufactured in France with a starting price of 34,000.

• Gen2 of smart glasses EyeX 2.0 and Vibes 2.0.

• DriveZ lens – to enable ease of driving especially at night.

• Sync – another premium progressive lens with features like the high-end Ultima lens but at affordable prices.

All the above continue to do very well and contributed to nearly 10% of the sales since launch.

The year saw a 300% growth in the Brands E-commerce channel attributed to the revamped website, smart performance marketing, SEO, and appropriate assortment. Likewise, the Division also made significant progress in the nascent Smart Glass category – sales volume growth is over 150% and value growth over 50%.

The international footprint of Titan Eye+ has grown to 4 with the addition of 3 more stores in Dubai and Sharjah. Performance has been quite encouraging.

Over the years, the two pillars of EyeCare Division-Expertise & Empathy-have only become stronger. However, the Division needed to grow aggressively and achieve scale to deliver better financial performance. Given the size of the opportunity in India and the single digit market share, the Division has made some significant strategic shift since December 2023, with four very powerful engines of growth. Early results have been very reassuring especially in terms of customer growth and the Division believes that this new approach will fuel sales value growth in the months to come.

FRAGRANCES & FASHION ACCESSORIES DIVISION

The Division focuses on two distinct categories: Fragrances and Womens Bags.

FRAGRANCES

The Fragrances business has succeeded in creating a wide range of "Exceptional Quality at Affordable Prices" Eau de Parfum fragrances starting with Fastrack perfumes at 895 to SKINN Nox at 3,995 per 100 ml and many options in between. SKINN brand has been quite successful in terms of democratising usage of fragrances in India and making fragrances an essential part of everyday dressing and grooming rituals. SKINN brand has led the category over years, by being at #1 Rank across department chains and online channels (in 25 per ml price band).

The perfumes category seems to be poised for explosive growth in medium to long term, driven by category adoption. A lot of younger customers are upgrading from deodorant at

150 per unit to 599 per unit glass bottle-based perfumes. The price segment below 1,000 per 100 ml is witnessing growth in range of 60-70%. At the same time, > 3,000 per 100 ml is also witnessing a double-digit growth in Department store chains. While the Masstige category has faced growth pressures, however the overall category continues to grow at healthy double digit growth rates. The category has been triggered by entry of D2C brands and mainly in Online marketplaces and modern trade.

During the year, SKINN launched body mists which have been well received in the market. To celebrate the 10 years of SKINN, the brand launched flankers of its two best-selling products of SKINN, Raw and Celeste, which are called Raw Instinct and Celeste Beyond. Early findings show that the flankers have been very well received.

The Fragrances business registered a single digit growth rate in Financial Year 2023-24 on back of high growth in Financial Year 2022-23 with E-commerce being the fastest growing channel for the business.

WOMENS BAGS

With organised players (branded and labels) nearing

2,500 crore and 13 million units, the category is witnessing a healthy double digit growth rates over last 5 years. The unorganised component may be around 1.5-2 times of the organised. There is a significant excitement with entry of new D2C players, existing D2C players adding stores, E-commerce platforms investing in promoting their private labels and department chains effort towards premiumisation through addition of international brands. Some of the international brands are setting up direct offices in India as well, looking at the potential.

Most brands increased prices across the board which led to double digit growths, while customer demand remained soft.

Fastrack Brand continues to serve youth segment through trendy, fashionable designs with exceptional quality, making FT Girls bags as an essential wearable fashion accessory. Fastrack Girls bags is accessible by the customers in major online marketplaces and 100+ doors across top department chains.

Irth Bags, a new brand was launched in October 2022 that targets women customers aged between 25-45 years. The customer value proposition of Irth is giving organised styling solutions to women who are leading active lifestyles, to elevate their everyday life. Irth brand is accessible through 100 + department stores and online marketplaces.

The Divisions focus continues to be to reach the goal of styling 4 million women by Financial Year 2026-27. The Division is investing in building Industrys best talent, style studios and network of backend hubs to manage the expected increase in units and revenue.

INDIAN DRESS WEAR DIVISION

Despite its longstanding presence, the saree industry remains predominantly unorganised, lacking modernisation and falling short in various aspects of service. However, recent years have seen a surge in organised players led by Taneira, stepping into the market and thereby signalling a shift towards more innovation and greater efficiency.

As the saree industry undergoes a transformation, marked by increased competition and a growing recognition of sarees as a fashion statement, Taneira is leading on this front with vigour. Sales have seen robust growth, reflecting the aggressiveness of the strategy. A substantial portion of the success can be attributed to the focused investments in creating design-differentiated products using authentic techniques that resonated profoundly with consumers nationwide. Also, Taneiras pioneering ‘Weavershala programme continues to forge a deeper connection with weavers and ignite a fresh energy in the industry. Expansion of the Brands footprint (73 stores by the year end), brand marketing, a strong online presence and enhanced brand visibility have played a key role in building brand salience.

Through the year, the Brand was recognised via various accolades such as the ‘Ethnic Fashion Retailer of the Year Award at the Economics Times Great India Retail Summit.

In the Financial Year 2023-24, 32 new stores were added extending the exclusive retail footprint to 73 stores. This expansion has seen the Division penetrate new markets, increasing the Brands presence from 22 cities to 37 cities and covering an impressive 2 lakh+ square feet of retail space and providing an immersive customer shopping experience like no other.

The impressive Net Promoter Score of 89 and a Google rating of 4.8 stand as testament to the confidence and trust the customers have in Taneiras brand.

Throughout the year, Taneira continued its tradition of introducing signature collections made from pure and natural fibres and produced from weaving clusters across the country. The offerings included a diverse range tailored for bridal, wedding, festive, and formal wear occasions. Noteworthy campaigns and collections included "Queens," "Lal Paar" and "Parichay."

Taneira saree run embarked on a new chapter, extending its reach to three vibrant cities: Pune, Bengaluru, and Hyderabad and welcoming over 15,000 women, with over 90% new to the brand.

The Division expanded the network of vendors and dedicated looms across India, now boasting a base of 300+ vendors and close to 10,000 back-end artisans. Two industry-first initiatives were started: The first involved improving the dyeing process and quality of dyes thereby impacting the lives of thousands of artisans by providing them with technical support to make the otherwise hazardous process safer; the second industry initiative is around a calibration protocol for Zari, which was hitherto missing.

Despite challenges such as rising input costs and the shifting landscape of traditional weaving communities, the Division remained steadfast in its mission to provide customers with authentic products, accessible retail, and responsible sourcing. The business focus remains on strengthening design centricity and leveraging traditional weaves to create contemporary designs across all product categories. The journey has already begun to strengthen and expand product offerings in Financial Year 2024-25 across kurta sets, unstitched salwar kameez, lehengas, blouses, dupattas, stoles, and shawls. With a strong and diverse portfolio, responsible store expansion, and continued investment in marketing, the Division aims to venture into new towns while solidifying its leadership position in existing markets. The brand is well on its way to achieving the vision of becoming the most loved womens ethnic wear brand in the country.

PEOPLE FUNCTION

The Company had 8,680 employees on rolls as on 31^st March 2024 of which 2,533 were women and recruited 1,450 new employees which is the highest number of recruits. The Company also had an attrition of 541 employees, i.e. 6.41%. Of the total headcount, 3,284 employees were engaged in manufacturing, 3,067 in retail, and 1,165 in corporate and support functions. Of the total base, 134 employees are differently abled.

Diversity in Titan begins right at the top; the Company is currently at par with some of the best companies to work for women with 14% gender diversity in its Top Management and 28% gender diversity at the entry levels. While the Company is at par at the Entry and Top management levels, the efforts at this point are focused on increasing gender diversity at mid-management levels. The Company has also been successful in maintaining pay equity for both genders across levels ensuring that it builds an equitable workplace.

The Company has been able to move the needle in its diversity, equity, inclusivity and belonging journey as every Division and enabling function has set their goals on four pillars – Culture, Career, Communication, and Community which are regularly reviewed. A one-of-its-kind Inclusion Summit called Power-of-2 was conducted to equip women middle managers with tools, inspiration, and strategies to pursue their professional and personal goals. A dedicated 3-month programme called Titan ACE has also been launched for them to strengthen their ability to impact the workplace and beyond.

Business Partnering – Titan Turbo

The People function has strategically partnered with the business Divisions and functions to chart out the People Strategy in alignment with their Titan Turbo goals. Some of the highlights include re-designing organisational structures, conducting immersions in Paris and Singapore to learn about luxury, premium and digital; enhancing the productivity of optometrists in EyeCare stores, launching a portal to manage the employee lifecycle of more than 20,000 business associates employees among many others.

The People function also embarked on a transformational journey called People NXT to provide superlative employee experience and support the Companys ambitious growth target of Titan Turbo. In this journey, the function is focusing on organisational design for the future, data centricity, team climate and operational excellence.

The functions efforts were recognised at a global platform as it was declared as winners-HR Asia Best Companies to Work for in Asia 2023. The Company has also been certified by Great Place to Work? Institute for both India and United Arab Emirates in 2024.

Career Development

The People function continued its efforts to strengthen the Titan Career Vista programme, which has presented Titanians with an avenue to Dream, Discover and Design their career. Under the umbrella of Titan Career Vista, various interventions were launched such as mentorship programme, masterclasses, own your career workshops, etc.

Capability Building

The Company continued to invest in leadership development programmes across the 5 tiers namely, Top Management Development (TMD), Senior Management Development (SMD), Emerging Leaders Programme (ELP), Young Leaders Programme (YLP), and Sales Excellence Programme (SEP).

The Company revamped the ELP this year by changing the selection process and empowering leaders and managers to identify and develop their top talent.

In its efforts to manage key talent, the Company has made several interventions such as personalised coaching, personalised developmental plan, managed career movements, etc., resulting in approximately 170 employees being positively impacted. The programme had a retention rate of 96%.

The Company had launched a programme called CREST in 2023 to enable a uniform understanding of what is expected from a people manager at Titan. The CREST commitment is rooted in 9 statements under the following:

C I communicate & coach R I recognise & reward E I am empathetic & inclusive S I set clear expectations & empower T I am transparent & fair

CREST-o-meter was launched to assess people managers behaviour against the commitment of CREST through an anonymous third party facilitated survey. The survey result was only meant for people managers to understand about their strengths and development areas.

Tell Me 2024

Tell Me is a benchmark process through which employees get a chance to communicate directly with the Managing Director of the Company. Tell Me was established in the year 2003 and has proved to be an honest representation of the Voice of the Employee. It has been recognised as one of the best practices by the Tata Business Excellence Model (TBEM).

In 2023, the Managing Director and the Chief People Officer spent more than 82 hours listening to 400+ employees in 55 groups and 13 locations about their thoughts, suggestions, and feedback. An in-house portal was created to capture the inputs heard from the employees and share a response with them. Through this digitalisation, we were able to close 83% inputs.

Employee Relations

The Company continues to build on its relations with unionised employees with the mantra of trust, transparency, and togetherness. A long-term wage settlement in Roorkee was concluded within 3 months in 2023.

KEY RISKS AND MITIGATION MEASURES AT ENTERPRISE LEVEL

The Company being a prominent player in the retail sector with presence in multiple lifestyle products categories is exposed to certain risks at the enterprise level which may impact the Companys operations and growth plans. Considering the same and in order to be agile and to ensure sustainability of the businesses, the Company periodically reviews risks at the enterprise level and also puts in place mitigation measures to address the fallout of such risks. The Companys Board of Director and the Risk Management Committee frequently review these risks and necessary action plan is put in place.

Cyber Attacks & Security

Nature of Risk

Potential loss of sensitive data or disruption to the Companys operations due to cyber-attack or hardware/software failure, compromise of customer data, defacement of Titan website, and social media profile, etc.

Key Mitigation Measures

The Company has adopted the best available cyber security framework and deployed a number of Industry leading Cyber Defence Technological Controls. Periodic Security Assurance Validation by an external party is also carried out. Continuous cyber awareness programs for employees are also ensured.

Data Privacy across all our business operations

Nature of Risk

Probability of breach of customer/employees Sensitive Personal Information in violation of laid down country specific privacy regulations.

Key Mitigation Measures

The Companys business systems are continually upgraded/updated to continuously mitigate data privacy risks including carrying out privacy impact assessment, defining data privacy framework, usage of privacy enhancing technologies and a regular independent assessment of data.

Data security leakage from third party agencies

Nature of Risk

As the Company uses third party agencies for carrying out various business related activities, there could be a probability of loss of business sensitive data and sensitive customer data managed by third parties.

Key Mitigation Measures

All the IT Vendors being engaged by the IT function undergo Vendor Risk Assessment. Further, data protection requirements are embedded in contracts for agreements signed with the agencies. In addition, only Tier I vendors are engaged for cyber security practices in compliance with Titan cyber security policies especially for business critical applications handling sensitive customer/business data.

Jewellery – Industry Trend

Nature of Risk

Growing presence of Lab Grown Diamond (LGD/synthetics) Direct-to-Consumer and retail players in metros and large cities. This risk pertains to their impact on the sale and growth of our natural diamond portfolio.

Key Mitigation Measures

Track the developments internationally and in Indian market of LGDs.

Track technological developments in this space and potential use cases including consequent cost trends.

Watches & Wearables-Geopolitical risk of & dependence on sourcing from other countries

Nature of Risk

The high import dependence for specific product groups like plastic watches, digital watches and wearables with risks associated to delay/disruption in supply due to sudden geo-political developments and cost of imports owing to currency fluctuations in the international markets.

Key Mitigation Measures

In order to mitigate risks related to geo-political risk situations, the Company has planned to strengthen In-house/ Indigenous vendor capability/capacity to bring down imports from 49% in March 2020 to 30% by March 2024 and standardise many of the components/manufacturers. Consolidate annual demand and confirm orders in advance to lock prices and supplies and develop complete products through Indian ODMs, Assembly by Electronic Manufacturing Services companies in India. Currency fluctuations are mitigated through hedging the foreign currency.

Watches-Wearables & technology led disruption

Nature of Risk

Impact of Wearables on Watch category, emergence of technology driven competitors, new business models that need very new capabilities to succeed in this category shift trend.

Key Mitigation Measures

Technology, Platform and Product Development capability have been significantly strengthened with the acqui-hire of Hug Innovations, with a product pipeline and roadmap of continuous investments in people and technology to succeed in wearables.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

During the year, the Company has reviewed its Internal Financial Control (IFC) systems and has continually contributed to the establishment of a more robust and effective IFC framework, prescribed under the ambit of Section 134(5) of Companies Act, 2013. The preparation and presentation of the financial statements is pursuant to the control criteria defined considering the essential components of Internal Control – as stated in the "Guidance Note on Audit of Internal Financial Controls over Financial Reporting" issued by the Institute of Chartered Accountants of India (ICAI).

The control criteria ensures the orderly and efficient conduct of the Companys business, including adherence to its policies, the safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and the timely preparation of reliable financial information.

Based on the assessment carried out by the Management and the evaluation of the results of the assessment, the Board of Directors are of the opinion that the Company has an adequate IFC system, operating effectively as at 31^st March 2024.

There is an internal audit function carried out partly by the internal resources and the balance activity outsourced to chartered accountant firms. As part of the efforts to evaluate the effectiveness of internal control systems, the Internal Audit Department reviews control measures on a periodic basis and recommends improvements, wherever appropriate. The Internal Audit Department is staffed by qualified and experienced personnel and reports directly to the Audit Committee of the Board. The Audit Committee regularly reviews the audit findings as well as adequacy and effectiveness of the internal control measures.

SEGMENT WISE PERFORMANCE

( in crore)

Segment Results	Year Ended	Year Ended
	31st March 2024	31st March 2023
	(Audited)	(Audited)
Net Sales/Income from Operations
Watches	3,904	3,296
Jewellery	42,292	34,105
EyeCare	724	689
Others	378	295
Corporate (Unallocated)	326	184
Total	47,624	38,569
		( in crore)
Segment Results	Year Ended	Year Ended
	31st March 2024	31st March 2023
	(Audited)	(Audited)
Profit/(Loss) from segments before finance costs and taxes
Watches	397	413
Jewellery	4,726	4363
EyeCare	85	98
Others	(93)	(78)
Total	5,115	4,796
Less: Finance costs	480	240
Corporate (unallocated)	(28)	(91)
Profit before taxes	4,607	4,465

( in crore)

Segment Net Assets	Year Ended	Year Ended
	31st March 2024	31st March 2023
	(Audited)	(Audited)
Watches	2,605	1,764
Jewellery	7,632	6,376
EyeCare	261	256
Others	245	168
Corporate (unallocated)	3,714	3,430
Total	14,457	11,994

HOW THE COMPANY FARED

Some of the key financial indicators are as below:

	Financial Year	Financial Year	Financial Year
	2023-24	2022-23	2021-22
Sales to Net fixed assets (No. of times)	32	32	25
Sales to Debtors (No. of times)	50	42	55
Sales to Inventory (No. of times)	2.8	2.6	2.1
Retained Earnings-Rupees in crore	11,427	8,771	6,104
	Financial Year	Financial Year	Financial Year
	2023-24	2022-23	2021-22
Return on Capital Employed (EBIT)	38%	44%	38%
Return on Net Worth	27%	31%	26%
Interest Coverage Ratio*	23	299	1,049
Current Ratio	1.7	1.8	1.7
Debt Equity Ratio	0.40	0.10	0.02
Operating Profit Margin %*	9.7%	11.5%	10.8%
Net Profit Margin	7.5%	8.7%	8.0%

SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS

During the year, following are the key financial ratios of the Company where there was a change of 25% or more as compared to the immediate previous Financial Year

	Financial Year	Financial Year	% change
	2023-24	2022-23
Interest Coverage Ratio	23	299	(92)
Debt Equity Ratio	0.40	0.10	305%

*Note: The significant change in the above ratios is due to the long term borrowings (additional NCDs + long term bank borrowings) in the Financial Year 2023-24 which has led to increased finance cost but the EBIT has increased at a lower rate due to which ratio has changed significantly.

DISCLOSURE OF ACCOUNTING TREATMENT

The financial statements of the Company have been prepared in accordance with the Indian Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) (Amendment) Rules, 2016 read with Section 133 of the Companies Act, 2013.

OUTLOOK FOR FINANCIAL YEAR 2024-25

While medium to long term trends like formalisation of economy, rising affluence and aspirations of Indian population, easy market access through digital economy etc., supporting our various businesses remain intact, geo-political tensions and sticky inflation are still showing no signs of getting resolved as we get into the Financial Year 2024-25. With the strength of our each brands, strong customer value propositions in each categories we operate in and execution capabilities of a committed Titan ‘family of employees, retail/distribution partners and vendor partners and their own employees, we are optimistic that the Financial Year 2024-25 will also be a year of good growth and profitability.

CAUTIONARY STATEMENT

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates and expectations may be forward-looking statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include, among others, economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which it operates, changes in the Government regulations, tax laws and other statutes, any epidemic or pandemic, natural calamities over which we do not have any direct/indirect control.

Ratios given in notes as part of Financials differ from ratios given in the Management Discussion & Analysis as the ratios in Financials are computed purely based on formulas given in the Guidance Note issued by the ICAI.

The figures in the Management Discussion & Analysis are commentaries by the Businesses and are basis business metrics which may differ from the Financials in the Annual Report.