Titan Company Limited · NSE:TITAN
Titan — Q2 FY2025 Earnings Presentation
61 slides from Titan's earnings presentation, Nov 5, 2024
Slide 1: Exchange filing cover letter: Q2 earnings investor presentation
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 Str
Slide 2: Earnings Presentation for the quarter and half year ended September 30, 2024
Titan Company Limited Earnings Presentation for the quarter and half year ended September 30, 2024
Slide 3: Disclaimer
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 re
Slide 4: Agenda: About the Company
• 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
Slide 5: Our Vision and Mission
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,
Slide 6: Our Journey So Far
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 200
Slide 7: Our Business Segments
Our Business Segments Jewellery Watches & Wearables EyeCare Indian Dress Wear Fragrances Fashion Accessories 6
Slide 8: Titan Businesses (1/2)
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 Manufactur
Slide 9: Titan Businesses (2/2)
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
Slide 10: Titan Brands - Segmentation Landscape
Titan Brands - Segmentation Landscape Watches & Indian Dress Fashion Segments Jewellery EyeCare Fragrances Wearables Wear Accessories Luxury Premium Mid-Market Mass Market 9
Slide 11: Titan Brands - Size of Business
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
Slide 12: Titan Company Structure
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
Slide 13: Agenda: Executive Summary
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
Slide 14: Titan at a Glance
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 C
Slide 15: Management Commentary
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 workin
Slide 16: Q2FY25: Standalone Highlights
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.
Slide 17: Q2FY25: Consolidated Highlights
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 1
Slide 18: Agenda: Business Performance
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
Slide 19: Jewellery (Domestic): Quarterly Performance
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
Slide 20: Empowering Partnerships with Sheetal Devi
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, align
Slide 21: CaratLane: Quarterly Performance
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
Slide 22: Jewellery: Retail Network
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 Prese
Slide 23: Agenda: Business Performance
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
Slide 24: Watches & Wearables (Domestic): Quarterly Performance
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% Y
Slide 25: Watches & Wearables: Retail Network
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
Slide 26: Agenda: Business Performance
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
Slide 27: EyeCare (Domestic): Quarterly Performance
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)
Slide 28: EyeCare: Retail Network
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
Slide 29: Agenda: Business Performance
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
Slide 30: Emerging Businesses: Quarterly Performance
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%) • Rev
Slide 31: Taneira: Retail Network
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
Slide 32: Agenda: Business Performance
Executive Summary Executive Summary • Jewellery • Watches and Wearables Business • EyeCare Performance • Emerging Business • International Business • TEAL Financial Performance Financial Performance Updates Other Other Updates
Slide 33: International Businesses (Consolidated): Quarterly Performance
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 wa
Slide 34: Agenda: Business Performance
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
Slide 35: TEAL: Quarterly Performance
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% (30
Slide 36: Agenda: Financial Performance
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
Slide 37: Statement of Profit and Loss: Standalone
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)
Slide 38: Statement of Profit and Loss: Consolidated
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
Slide 39: Segment Performance: Q2FY25
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
Slide 40: Segment Performance: H1FY25
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
Slide 41: Capital Employed: Standalone
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
Slide 42: Capital Employed: Consolidated
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'2
Slide 43: Consolidated: Quarterly Performance Trends
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: 2
Slide 44: Consolidated: Annual Performance Trend
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 FY
Slide 45: Consolidated: Annual Segment Trend
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% -
Slide 46: Agenda: Other Updates
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
Slide 47: Dividend
Dividend Note: 1. Amounts in Orange boxes refer to Total Dividend Payout in ₹ Crores 46
Slide 48: Shareholding Information
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
Slide 49: Awards & Recognitions
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
Slide 50: ESG at Titan – Overview
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 ski
Slide 51: Annexures
Annexures
Slide 52: Jewellery: Quarterly Trends (Standalone)
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
Slide 53: Jewellery: Quarterly Trends (Consolidated)
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 H1
Slide 54: Watches & Wearables: Quarterly Trends (Standalone)
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 FY2
Slide 55: Watches & Wearables: Quarterly Trends (Consolidated)
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%
Slide 56: EyeCare: Quarterly Trends (Standalone)
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;
Slide 57: Statement of Profit and Loss: Standalone
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
Slide 58: Statement of Profit and Loss: Consolidated
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 14,65
Slide 59: Standalone Balance Sheet
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 Receivab
Slide 60: Consolidated Balance Sheet
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
Slide 61: Thank You!
Thank You! For any queries, please email to investor-relations@titan.co.in