TITAN FY22 revenue records 36% growth and profit more than doubles

Titan delivered a solid all-round performance in FY 2021-22 despite disruptions in
Ql as well as Q4. Total income for FY22 was 26,411 crore, registering a growth of 36% compared to, 19,426 crore in FY21 (excluding bullion sale). The Company recorded a profit of Rs. 2,983 crore (before taxes and exceptional items) for the fiscal year in comparison to Rs. 1,370 crore in FY21, a growth of 118%. The exceptional item represents, 51 crore expense recognised in the books on account of the voluntary retirement scheme that
was offered to employees during Q4.

Q4 FY22 ended with a satisfactory performance despite partial lockdowns, volatility in gold prices and uncertainty in a fragile geo-political situation. Total income for the quarter was Rs. 7,352 crore, a growth of 3% compared to Rs. 7,169 crore in Q4 FY21. Excluding bullion sales, revenue declined by 2% compared to Q4 FY21.

Company reported a profit of, 716 crore (before taxes and exceptional items) as compared to, 702 crore in the same quarter of previous year. During the quarter, the Jewellery business registered an income of Rs. 6,132 crore compared to Rs. 6,397 crore in Q4 FY21 (excluding bullion sale), a decline of 4%. Watches & Wearables business reported an income of, 622 crores with 12% growth in Q4 FY22 compared to, 555 crores in Q4 FY21. EyeCare business reported an income of, 134 crores with 6% growth in Q4 FY22 compared to, 127 crores in Q4 FY21. Other businesses comprising Indian dress wear and Fragrances & Fashion accessories reported an income of , 42 crore in Q4 FY22 compared to, 35 crore in Q4 FY21, a growth of 20%.

Jewellery business reported an EBIT of, 780 crore (before exceptional items) in Q4 FY22 compared to, 703 crore in the same quarter of previous year. Watches & Wearables business reported an EBIT, 16 crore (before exceptional items) in Q4 FY22 compared to, 46 crore in the same quarter of previous year. EyeCare business reported a loss of, 3 crore (before exceptional items) in the quarter compared to an EBIT of, 23 crore in the
same quarter of previous year. Other businesses reported a loss of Rs. 15 crore (before exceptional items) as compared to a loss of, 9 crore in the same quarter of the previous year.

The Company has further added (net) 269 stores during the year. The Company's retail chain (including Caratlane) has 2,178 stores across 337 towns with an area exceeding 2.8 million sq. ft. as on March'22.

Of the key subsidiaries of the Company,

• Caratlane Trading Private Limited continued to do well in both online and offline channels emerging as a strong omni player. The annual revenue was Rs. 1,256 crore and a profit of, 39 crore (before taxes and exceptional items) compared to revenue of Rs. 716 crore and a profit of, 2 crores in FY21. In Q4 of FY22, it clocked a revenue of Rs. 365 crore and a profit of Rs. 11 crores (before taxes and exceptional items) compared to revenue of Rs. 253 crore and a profit of Rs.10 crore in Q4 FY21.

Titan Engineering & Automation Limited (TEAL) reported annual revenue of~ 378 crores and a profit of Rs. 24 crores (before taxes and exceptional items) compared to a revenue of~ 354 crores and a profit of Rs. 40 crore in FY21. For Q4 FY22, TEAL recorded a revenue of~ 184 crore and a profit Rs. 21 crore (before taxes and exceptional items) compared to revenue of Rs. 102 crore and a profit of~ 9 crores in Q4 FY21.

"Despite frequent disruptions in the quarter owing to Covid wave 3 and other geo-political factors, the quarter has been satisfactory in terms of growth and profitability. The Company is well prepared and looking forward to an exciting Ql with all its stores ramped up for a much-awaited Akshaya Tritiya festival this year. With an international expansion in GCC markets and the first Tanishq store coming up in the US, we are gearing up to
touch new horizons in FY23." , CK Venkataraman, Managing Director of the Company.