• Domestic demand outlook: Demand remained steady through July and August despite gold price fluctuations, supported by a favorable base effect from the previous year and the upcoming festive season.
• Jewellery margin drivers: Titan is targeting an 11% jewellery EBIT margin, with potential improvements supported by wedding jewellery, higher sales of 14-carat studded jewellery, and a moderation in gold coin purchases.
• Studded share strategy: Management is no longer targeting a specific studded jewellery share, choosing instead to focus on maximizing absolute revenue growth across gold jewellery, studded items, and coins independently.
• International business performance: Tanishq's international business grew 130% during the quarter led by US demand, whereas Damas faced muted footfalls and tourist traffic, delaying its expected break-even to next year.