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176	176
177	177	= Financial Highlights =
178	178
179		-Financial highlights for the year ended 31st March 2021
	179	+**Financial highlights for the year ended 31st March 2021**
180	180
181		-Standalone Numbers
	181	+**Standalone Numbers**
182	182
183	183	During the year under review, the Company’s total revenue grew by 3% to Rs 20,602 crore compared to Rs 20,010 crore in the previous year.
184	184
185	185	Profit before tax declined by 41% to Rs 1,233 crore and the net profit decreased by 42% to Rs 877 crore.
186	186
187		-Consolidated Numbers
188	188
	188	+**Consolidated Numbers**
	189	+
189	189	At the consolidated level, the revenue stood at Rs 21,644 crore as against Rs 21,052 crore in the previous year. The details of the performance of the Company’s subsidiaries are covered below in point 17 of this Report.
190	190
191		-Q1 FY 2021-22
192	192
193		-4 August 2021: Titan Company's revenue grew by 122% (excluding bullion sale) in Ql FY22 compared to Q 1 FY2 l, primarily driven by base effect of zero sales in Apr'20 last year. Most of the sales of May month were lost in both the years. Sales in Jun'21 were marginally ahead of sales in Jun'20 despite lower store operational days. Total income for the quarter was Rs. 3,314 crores, including bullion sale of Rs. 424 crores, a growth of 74% compared to Ql FY2 l's total income of Rs. 1,901 crores that included bullion sale of Rs. 601 crores.
	193	+== Q1 FY 2021-22 ==
194	194
195		-[[https:~~/~~/www.titancompany.in/sites/default/files/Titan%20Q1%20FY%2722%20Financial%20Results.pdf>>url:https://www.titancompany.in/sites/default/files/Titan%20Q1%20FY%2722%20Financial%20Results.pdf]]
	195	+4 August 2021: Titan Company's revenue grew by 122% (excluding bullion sale) in Ql FY22 compared to Q 1 FY2 l, primarily driven by base effect of zero sales in Apr'20 last year. Most of the sales of May month were lost in both the years. Sales in Jun'21 were marginally ahead of sales in Jun'20 despite lower store operational days. Total income for the quarter was Rs. 3,314 crores, including bullion sale of Rs. 424 crores, a growth of 74% compared to Ql FY2 l's total income of Rs. 1,901 crores that included bullion sale of Rs. 601 crores.{{footnote}}https://www.titancompany.in/sites/default/files/Titan%20Q1%20FY%2722%20Financial%20Results.pdf{{/footnote}}
196	196
	197	+
197	197	The Jewellery division is gaining good traction in new customers and its mix in total buyers has reached the pre-pandemic levels. It recorded an income of Rs. 2,467 crores for the quarter as compared to Rs. 1,182 crores same period last year (excluding bullion sale in both the years). The Watches and Wearables business recorded an income of Rs. 292 crores in the quarter against Rs. 75 crores in the same period previous year. The Eyewear business recorded an income of Rs. 67 crores in the quarter as against Rs. 30 crores same period last year. The other segments of the Company comprising Indian dress wear and accessories recorded an income of Rs. 14 crores this quarter compared to Rs. 4 crores in the quarter of the previous year.
198	198
199	199	Despite a lockdown induced by the second wave of the pandemic in various parts of the country, Company's better preparedness compared to same period last year helped achieve profit before tax of Rs. 82 crores this quarter compared to a loss ofRs.335 crores last year. The Jewellery division achieved Earnings Before Interest and Tax (EBIT) of Rs. 207 crores for the quarter compared to the loss of Rs. 54 crores in the previous year same quarter. The Watch and Wearables division reported a loss of Rs. 56 crores for Ql FY22 compared to a loss of Rs. 164 crores in Ql FY21. The Eyewear division reported a loss of Rs. 13 crores this quarter compared to a loss of Rs. 31 crores same period in the previous year.
...	...	@@ -202,48 +202,21 @@
202	202
203	203	Of the principal subsidiaries of the Company, Titan Engineering & Automation Ltd (TEAL) got impacted due to supply chain disruptions caused by the second wave of the pandemic. It recorded revenues of Rs. 66 crores for the quarter (decline of 14%) and loss of Rs. 1 crore compared to quarterly profit before tax of Rs. 7 crores previous year. CaratLane continues to do well in both online and offline channels and has emerged as a strong omni player. It ended the quarter with revenues of Rs. 157 crores registering a growth of274% and loss of Rs. 9 crores compared to the quarterly loss of Rs. 19 crores previous year.
204	204
205		-Mr.CK Venkataraman, Managing Director of the Company stated that:
206	206
	207	+**Mr.CK Venkataraman, Managing Director of the Company** stated that:
	208	+
207	207	"While the company started the quarter with strong business momentum, the second wave of the pandemic severely disrupted it and the company quickly shifted its priorities to health and safety of its employees, business associates and customers. The learnings and experience of the past year helped it navigate this quarter's turbulence much more efficiently. As the lockdowns started getting relaxed in different parts of the country in the month of June, and with the rising vaccination level, the company saw demand coming back steadily. Given the challenging economic backdrop during the quarter, I believe Titan delivered a satisfactory financial performance. With the strengthened digital presence and high percentage of vaccinated employees and associates making its retail store a safe place, Titan is optimistic about the overall performance of the Company."
208	208
209		-Quarterly Update
210	210
	212	+== Quarterly Update ==
211	211
212		-The Company entered the quarter with a good sales momentum. The sales were hit only to a small
213	213
214		-extent until third week of April, from the rapidly rising second wave of pandemic, primarily due to the
	215	+The Company entered the quarter with a good sales momentum. The sales were hit only to a small extent until third week of April, from the rapidly rising second wave of pandemic, primarily due to the temporary store closures in some important states. Thereafter, most stores were shut within a short span of time and could re-open gradually in June only, with several restrictions on operating hours and days of the week. Sale from stores that stayed open in May was muted. The Company’s focus was back on keeping everyone safe and few stores were proactively closed in the highly impacted towns. The initiative of customer outreach that brought in sales last year was also not undertaken this time considering that humanitarian impact on consumers was severe and widespread this time. The sales recovery is gradually improving across the businesses, along with the increase in the store operational days. This year, Watches & Wearables and Eyewear segments have also witnessed rapid recovery in walk-ins with the re-opening of stores, which was seen in only Jewellery division last year. The Company recorded revenue growth of ~~117% (excluding bullion sales) in Q1’22, with revenue contribution of approx. 50%, 10% and 40% coming from April, May and June months respectively.{{footnote}}https://www.titancompany.in/sites/default/files/Titan%20Q1%20FY22%20Update.pdf{{/footnote}}
215	215
216		-temporary store closures in some important states. Thereafter, most stores were shut within a short span
217	217
218		-of time and could re-open gradually in June only, with several restrictions on operating hours and days
	218	+The Company has been driving vaccination campaigns as the top priority and almost all the store staff and employees got at least their first dose, which is an important step towards bringing back the normalcy.
219	219
220		-of the week. Sale from stores that stayed open in May was muted. The Company’s focus was back on
221	221
222		-keeping everyone safe and few stores were proactively closed in the highly impacted towns. The
223		-
224		-initiative of customer outreach that brought in sales last year was also not undertaken this time
225		-
226		-considering that humanitarian impact on consumers was severe and widespread this time. The sales
227		-
228		-recovery is gradually improving across the businesses, along with the increase in the store operational
229		-
230		-days. This year, Watches & Wearables and Eyewear segments have also witnessed rapid recovery in
231		-
232		-walk-ins with the re-opening of stores, which was seen in only Jewellery division last year. The
233		-
234		-Company recorded revenue growth of ~~117% (excluding bullion sales) in Q1’22, with revenue
235		-
236		-contribution of approx. 50%, 10% and 40% coming from April, May and June months respectively.
237		-
238		-[[https:~~/~~/www.titancompany.in/sites/default/files/Titan%20Q1%20FY22%20Update.pdf>>url:https://www.titancompany.in/sites/default/files/Titan%20Q1%20FY22%20Update.pdf]]
239		-
240		-The Company has been driving vaccination campaigns as the top priority and almost all the store staff
241		-
242		-and employees got at least their first dose, which is an important step towards bringing back the
243		-
244		-normalcy.
245		-
246		-
247	247	TCL North America Inc. and TEAL USA Inc. were incorporated as a wholly owned subsidiary, of Titan Company and TEAL respectively, in the month of April 21 with the objective of carrying on the business of jewelry retailing and business development for Aerospace & Automation Solutions respectively. Titan Commodity Trading Limited has started the operations during the quarter for the hedging of the Gold.
248	248
249	249	For the quarter ended on 30th June, the division grew by ~~107% (excluding bullion sales), compared to last year, primarily due to zero sales in April of last year. Most of the sales of May month was lost in both the years. Despite the lower number of store operational days in the month of June ’21 (since large states of Tamil Nadu and Karnataka markets were under lockdown for almost all of June’21), sale for June’21 is marginally ahead of the sale in June’20. Total store operational days were at 73%, 10% and 5 8% for the April, May and June month respectively and 47% for the quarter.
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258	258
259	259	Network expansion plans got delayed due to the lockdowns. The division added 5 Tanishq stores on a net basis in the quarter, with the retail space addition being ~~20K sq. ft.
260	260
261		-Watches & Wearables
262	262
	236	+=== Watches & Wearables ===
	237	+
263	263	The division grew by ~~280% over Q1'21 as sales were nil in April month of last year and moreover the recovery this year has been faster than that witnessed last year when footfalls in stores were very weak due to higher apprehension of covid. Total store operational days were at 70%, 24% and 51% for the April, May and June month respectively. Safety protocols in stores including the vaccination of staff has been appreciated by the customers on social media and store reviews.
264	264
265	265	Sales were strong in the E-commerce channel especially in the second half of April and May. Omnisales have been gaining traction along with the brand websites generating customer leads. North & West regions had recovered earlier, following the pattern of the pandemic wave in the country. Recovery in higher ticket products is much better compared to the recovery in lower priced products. Like last year, the recovery in smaller towns was better than the top 8 metros.
...	...	@@ -268,8 +268,9 @@
268	268
269	269	In Q1, the division closed 2 stores of WOT & Fastrack each and opened 3 Helios stores, on a net basis, reducing 5K sq. ft. of retail space.
270	270
271		-Eye Wear
272	272
	247	+=== Eye Wear ===
	248	+
273	273	The division grew by ~~117% over Q1’21 as sales were nil in April month of last year and also on back of rapid recovery in walk-ins in May and June months, compared to last year. Total store operational days were at 71%, 19% and 62% for the April, May and June month respectively. 90%+ of stores are now open.
274	274
275	275	The division accelerated its path on e-commerce and launched Titan Eyeplus's App. It also launched Neo Progressive lens and computer glasses, exclusively for E-commerce channel.
...	...	@@ -276,10 +276,11 @@
276	276
277	277	During the quarter, the division added 6 stores on a net basis, with addition of about 1.5 K sq. feet of retail space.
278	278
279		-Other Businesses
280	280
281		-Taneira
	256	+=== Other Businesses ===
282	282
	258	+**Taneira**
	259	+
283	283	11 out of 14 existing Taneira stores reopened post lockdown following various local guidelines w.r.t. store timings, weekend lockdown, staff capacity, etc. On an average, Taneira stores were operational for about 30% of the total store days, in the quarter gone by. Brand started the quarter with campaigns around regional festivals, which shifted towards digital marketing and marketplace activities as the quarter progressed.
284	284
285	285	Fragrances & Accessories business in Q1 had a slow recovery, however grew by 3 times over the last year. Sales are recovering with second fortnight of June being better than the first. E-commerce channels recovered almost fully and grew 2.5 times over the last year.
...	...	@@ -288,17 +288,19 @@
288	288
289	289	Brand Skinn launched Tales, a new collection celebrating “Happiness” where every fragrance is reminiscent of happy memories. This in continuation of Skinn Escapade launched earlier which created a world away in “Wild” for men seeking solo time with Nature.
290	290
291		-Subsidiaries
292	292
293		-Titan Engineering and Automation Limited (100% owned)
	269	+=== Subsidiaries ===
294	294
	271	+**Titan Engineering and Automation Limited (100% owned)**
	272	+
295	295	TEAL had a revenue decline of 15% in Q1. The business is seeing a strong comeback in the Automation Solutions Business over the last few months and the enquiries are very encouraging. With respect to the Aerospace & Defence Business, the business is seeing some signs of growth in the single aisle aircraft segment but it appears that the long haul segment will take more time to recover.
296	296
297		-CaratLane (72.3% owned)
298	298
	276	+**CaratLane (72.3% owned)**
	277	+
299	299	CaratLane grew by ~~274% over Q1’21. Total store operational days were 41% for the quarter. Online continued to see strong growth momentum, growing at 210% for the quarter driven by strong domestic and international demand as well as demand coming from Shaya and CaratLane Live, the video assistance feature. During the quarter, CaratLane launched Kanak, its core collection for Akshaya Tritiya, inspired by the golden swaying fields of wheat. 100% of CaratLane jewellery is hallmarked. CaratLane opened 4 new stores during the quarter taking the total store count to 121.
300	300
301	301
302		-References
	281	+= References =
303	303
304	304	{{putFootnotes/}}