TIT/\N

CO MP/\NY

SEC 67 / 202 1-22 27th October 2021

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 Street, Fort, MUMBAI - 400 0 51
MUMBAI - 400 001 Symbol: TITAN
Scrip Code: 500114

Dear Sirs,

Sub: Unaudited Financial Results (standalone and consolidated) for the second quarter
and half year ended 30 th September 2021

We enclose the Unaudited Financial Results (standalone and consolidated) for the second
quarter and half year ended 30th September 2021, which have been approved and taken on record
at the meeting of the Board of Directors of the Company held today. A copy of the Press Release
issued in this regard is also attached.

Also enclosed herewith is the Limited Review Report of the Financial Results for the second
quarter and half year ended 30th September 2021 issued by the Company's statutory auditors
Mis BS R & Co. LLP, Chartered Accountants.

The Board meeting commenced at 10:30 a.m. and the results were approved by+: 05 p.m. and
the Board Meeting continued thereafter for other matters.

The above information is also available on the website of the Company: www.titancompany.in

Please acknowledge receipt of the same.

Yours truly,
For TAN COMPANY LIMITED

Dinesh Shetty
General Counsel & Company Secretary

Encl. As stated
Titan Company Limited
'INTEGRITY' No.193, Veerasandra, Electronics City P.O Off Hosur Main Road, Bengaluru - 560 100 India, Tel: 9180- 67047000, Fax : 9180- 67046262
Registered Office No. 3, SIPCOT Industrial Complex Hosur 635126 TN India, Tel 914344 664199, Fax 914344 276037, CIN: L74999TZ1984PLC001456
www.titan .co .in

A TATA Enterprise
 TIT/\N
COM P/\NY

PRESS RELEASE

Titan records revenue growth

of 78% in Q2 FY 2021-22
Bengaluru, 27 th October 2021: Riding on the strong recovery in demand across its consumer businesses,
Titan' s revenue excluding bullion sales grew by 78% in Q2 FY22 compared to Q2 FY21. With Jewellery
division doing exceeding well, and other divisions swiftly bouncing back to pre-pandemic levels, total income
for the quarter was Rs. 7,220 crore, including bullion sale of Rs. 192 crore, a growth of 64% compared to total
income of Rs. 4,389 crore in Q2 FY21 that included bullion sale of Rs. 391 crore. The total income for Hl
FY22 was Rs. 10,534 crore, registering a growth of 67% compared to Rs. 6,290 crore in HI FY21.
The Jewellery division witnessed a demand resurgence and made a strong recovery registering an income of Rs.
6,106 crore with 77% growth in Q2 FY22 compared to Rs. 3,446 crore in Q2 FY21 (excluding bullion sale in
both the periods). The Watches and Wearables business recorded an income of Rs. 687 crore with 72% growth
in Q2 FY22 compared to Rs. 400 crore in Q2 FY21. The Eyewear business recorded an income of Rs. 160 crore
with 70% growth in Q2 FY22 compared to Rs. 94 crore in Q2 FY2 l. The other segments of the Company
comprising Indian Dress Wear and, fragrances & accessories recorded an income of Rs. 46 crore in Q2 FY22
compared to Rs. 23 crore in Q2 FY21.
The strong recovery coupled with the product mix improvement helped the Company achieve profit before tax
of Rs. 868 crore for the quarter compared to Rs.238 crore in the same quarter previous year. The Company
recorded a profit before tax of Rs.950 crore for the first half of this fiscal year against a loss of Rs.97 crore in
the same period previous year.
The Jewellery division achieved Earnings Before Interest and Tax (EBIT) of Rs. 793 crore for the quarter
compared to Rs.285 crore in the same quarter of previous year. The Watches and Wearables division reported
an EBIT of Rs. 92 crore for the quarter against a loss of Rs. 4 crore in the same quarter of previous year.
Eyewear division reported an EBIT of Rs. 37 crore in the second quarter compared to Rs. 9 crore in the same
quarter of previous year. The other segments of the Company recorded a loss of Rs. I crore compared to a loss
of Rs. IO crore in the same quarter of the previous year.
The Company's retail chain (including CaratLane), spreads across 1,969 stores in 308 towns having an area
exceeding 2.6 million sq. ft. In the 6-month period from April21 to September21 , the Company has added (net)
60 stores.
Of the principal subsidiaries of the Company,
• Titan Engineering & Automation Limited (TEAL) recorded revenue of Rs. 51 crore and a loss of 1 crore in
Q2 FY22 compared to revenue of Rs. 89 crore and profit before tax of Rs. 18 crore in Q2 FY2 l. The order
win and pipeline are robust and supply chain deliveries are improving as shortage of semiconductors and
logistics restrictions continue to ease.

cf--
Titan Company Limited
'INTEGRITY' No.193, Veerasandra, Electronics City P.O Off Hosur Main Road, Bengaluru - 560 100 India, Tel : 9180 - 67047000, Fax: 9180 - 67046262
Registered Office No. 3, SIPCOT Industrial Complex Hosur 635 126 TN Ind ia, Tel 914344 664199, Fax 914344 276037, CIN : L74999TZ1984PLC001456
www.titan .co.in

A TATA Enterprise
1
 TIT/\N
COMP/\NY

PRESS RELEASE

• CaratLane Trading Private Limited continued to do well in both online and offline channels emerging as a
strong omni player. For Q2 of FY22, it clocked revenue of Rs. 289 crore and a profit before tax of Rs. 10
crore compared to revenue of Rs. 148 crore and a loss of Rs. 4 crore in Q2 FY21.

Mr.CK Venkataraman, Managing Director of the Company stated that:

"Titan' s strong growth this quarter was underpinned by demand recovery being witnessed in all
segments of the Company. Our stores were fully operational, returning to pre-pandemic normalcy
in most parts of the country with continued focus on health and safety of our customers, business
partners and our employees. Titan's store expansions have gained traction during the quarter,
which was partially disrupted in the pandemic period. Our strong digital presence combined with
trusted offline experience gives a positive outlook for the overall performance of the Company for
the rest of the fiscal year."

About Titan
Titan Company Limited ("Titan"), a joint venture between the Tata Group and the Tamilnadu
Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name
Titan Watches Limited. In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into
Eyewear. Over the last three decades, Titan has expanded into underpenetrated markets and created
lifestyle brands across different product categories including fragrances (SKINN), accessories and
Indian Dress Wear (Taneira). Titan is widely known for transforming the watch and jewellery
industry in India and for shaping India's retail market by pioneering experiential retail.

Learn more about Titan on: www.titancompany.in

Facebook: https://www.facebook.com/TitanCompanyLimited/
Twitter: https:/ /twitter.com/TitanCompanyLtd
Linkedln: https ://www. linkedin.com/company/titan-industries
Instagram: https://www.instagram.com/titancompanyltd/

For more information, please contact:

Investor Relations: Media Relations:

[email protected] [email protected]
[email protected]

Titan Company Limited

'INTEGRITY' No.193, Veerasandra, Eler;;troni,s City P,0 Off Hosur Main Road, Bengaluru • 560 100 India, Tel: 9180 - 67047000, Fax: 9180 - 67046262
Registered Office No. 3, SIPCOT Industrial Complex Hosur 635 126 TN India, Tel 914344 664199, Fax 914344 276037, CIN: L74999TZ1984PLC001456
www.titan.co.in

A TATA Enterprise
2
 BS R & Co. LLP
Chartered Accountants

Embassy Golf Links Business Park Telephone +91 80 4682 3000

Pebble Beach, B Block, 3rd Floor Fax +91 80 4682 3999
Off Intermediate Ring Road
Bengaluru 560 071 India

Limited review report on unaudited quarterly standalone financial results of Titan Company Limited
pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ('Listing Regulations')

To the Board of Directors of Titan Company Limited

I . We have reviewed the accompanying Statement of unaudited standalone financial results of Titan
Company Limited ('the Company') for the quarter ended and year to date results for the period from
1 April 2021 to 30 September 2021("the Statement").

2. This Statement, which is the responsibility of the Company's management and approved by the Board
of Directors, has been prepared in accordance with the recognition and measurement principles laid down
in Indian Accounting Standard 34 "Interim Financial Reporting' ("Ind AS 34"), prescribed under
Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India
and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to issue a report
on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements
(SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of
the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we
plan and perform the review to obtain moderate assurance as to whether the Statement is free of material
misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures
applied to financial data and thus provides less assurance than an audit. We have not performed an audit
and accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe
that the accompanying Statement, prepared in accordance with applicable accounting standards and
other recognised accounting practices and policies has not disclosed the information required to be
disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material
misstatement.

forB SR& Co.LLP

Chartered Accountants
Fir Registration No.: 101248W/W-100022

Par er
Membership No: 205385
ICAI UDIN: 2.. \'2..05 3 ~ 5 Ptf\F\ P\()Cn 43'2..2...
Place: Bengaluru
Date: 27 October 202 I

Regl1tonld Offl..:
BS R & Co. (a partnership firm with Registration No. Ba61223) converted into BS R & Co. LLP 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
(a Limited Liability Partnership with LLP Registration No. AAB-8181I with affect from October 14, 2013 Center, Western Express Highway, Goregaon !East), Mumbai -400063
 TITAN COMPANY LIMITED
-r 1-Y--"l'J ClN : L74999TZ1984PLC001456
COM .,.,NV 3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUART ER AND SIX MONTHS EN DED 30 SEPTEMBER 2021
PART! , in crores except earnings per share
Particulars 3 months ended 6 months ended Year ended
30-09-2021 30-06-2021 30-09-2020 30-09-2021 30-09-2020 31-03-2021
(Unau dited) (Unau dited) (Unaudited) (Unaudited) (Unaudited) (Audited)
I. Revenue from operations
- Sale of products/ services 6,921 2,780 3,892 9,701 5,143 19,046
- Other operating revenue (refer note 4) 249 469 426 718 1,037 1,556
IL Other income 50 65 71 115 110 181
III. Total income (I +II) 7,220 3,314 4,389 10,534 6,290 20,783
IV. Expenses:
Cost of materials and components consumed 4,726 3,014 3,212 7,740 3,867 13,143
Purchase of stock-in-trade 984 508 412 1,492 474 2,462
Changes in inventories of finished goods, stock-in-trade and work-in (285) (963) (637) (1,248) 124 164
progress
Employee benefits expense 271 268 212 539 434 911
Finance costs 45 44 44 89 90 181
Depreciation and amortisation expense 91 83 83 174 165 331
Advertising 109 37 51 146 67 232
Other expenses 41 1 241 774 652 1,166 1,989
IV. Total expenses 6352 3,232 4 151 9 584 6,387 19 413
V. Profit/ (loss) before exceptional item and tax (ill -N) 868 82 238 950 (97) I 370
VI. Exceptional item - - - - - 137
VIl. Profit/ Ooss) before tax (V - VI) 868 82 238 950 (971 1233
VID. Tax expense:
Current tax 229 21 0 250 0 351
Deferred tax• (2 0 39 (2) (26 5
VIII. Total tax 227 21 39 248 (26) 356
IX. Profit/ (loss) for the period (VII-Vlll) 641 61 199 702 (71) 877
X. Other comprehensive income
(i) Items that will not be reclassified to the statement of profit and
loss
- Remeasurement of employee defined benefit plan• (18) 0 20 (18) 20 45
- Income-tax on (i) above* 5 0 (5) 5 (5) (11)

(ii) Items that will be reclassified to the statement of profit and loss

- Effective portion of gain or (loss) on designated portion of hedging (50) 35 398 (15) 202 234
instruments in a cash flow hedge
- income-tax on (ii) above 13 (9 (\00) 4 (54) (62
X. Total other comprehensive income (50) 26 313 (24) 163 206
XJ. Total comprehensive income (IX+X) 591 87 512 678 92 1 083

XIl. Paid up equity share capital (face value t 1 per share): 89 89 89 89 89 89

XIII. Other equity. 7,464
XIV. Earnings/ (loss) per equity share oH 1:
!based on net profit/ (loss) for the period (lX)}
Basic and diluted (not annualised) 7.22 0.69 2.24 7.91 (0.80) 9.88

• Items not presented due to roundmg off to the nearest, crore.

See accompanying notes to the standalone unaudited financial results
 ♦.......
.-,-r..,..,.
TITAN COMPANY LIMITED
ON: L749991Z1984PLC001456
C<l-PI\.NY
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2021
BALANCE SHEET
tin crores
Particulars As at As at
30-09-2021 31-03-2021
(Unaudited) (Audited)
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 984 1,026
(b) Capital work-in-progress 21 17
(c) Right-<>f-use assets 800 854
(d) Investment property 24 24
(e) Intangible assets 44 55
(f) Intangible assets under development 8 8
(g) Financial assets
(i) Investments 762 759
(ii) Loans receivable 40 41
(iii) Other financial assets 317 283
(h) Deferred tax assets (net) 111 105
(i) Income tax assets (net) 145 120
G) Other non-current assets 80 67
3,336 3,359
(2) Current assets
(a) Inventories 9,916 7,984
(b) Financial assets
(i) Investments 1,780 2,753
(ii) Trade receivables 507 291
(iii) Cash and cash equivalents 125 147
(iv) Bank balances other than (iii) above 341 365
(v) Loans receivable 253 73
(vi) Other financial assets 586 217
(c) Other current assets 731 671
14239 12 501
TOTAL ASSETS 17 575 15 860
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 89 89
(b) Other equity 7 786 7,464
TOTAL EQUITY 7,875 7,553
Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Lease liabilities 960 971
(b) Provisions 169 143
1129 1,114
(2) Current liabilities
(a) Financial liabilities
(i) Borrowings 25
(ii) Gold on loan 4,727 4,094
(iii) Lease liabilities 162 178
(iv) Trade payables
- Total outstanding dues of micro and small enterprises 181 158
- Total outstanding dues of creditors other than micro and small enterprises 752 537
(v) Other financial liabilities 205 218
(b) Other current liabilities 2,420 1,905
(c) Provisions 37 23
(d) Current tax liabilities (net) 62 80
8,571 7193
TOTAL EQUITY AND LIABILITIES 17,575 15,860
 TITAN COMP ANY LIMITED
CIN: L74999TZ1984PLC001456
'"r•"T-"'N
<IOM~,,., 3, S!PCOT INDUSTRIAL COMPLEX, HOSUR 635126.
STATEMENT OF STANDALONE UNAUDITED CASH FLOWS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2021
tin Crores
Particulars 6 months ended Asat
30-09-2021 30-09-2020 31-03-2021
(Unaudited) (Unaudited) (Audited)
A. Cash flow from operating activities
Net profit before tax 950 (97) 1,233
Adj11stme11ts for:
-Depreciation and amortisation expense 174 165 331
-Net unrealised exchange (gain)/loss (1) 1 I
-(Gain)/ loss on sale/ disposal/ scrapping of property, plant and equipment (net) 2 4 6
-Provision for doubtful trade receivables (net) and bad trade receivables written off 34 34
-Interest income (33) (30) (73)
-Gain on inveshnents carried at £air value through profit and loss (39) (6) (34)
-Gain on sale of investment in joint venture - - (4)
-Dividend Income (24) (24) (24)
-Gain on pre-closure of lease contracts (9) (6) (12)
-Rent waiver (19) (49) (57)
-Impairment of investment in subsidiary - - 137
-Finance costs 89 90 181
Operating profit before working capital changes 1,090 82 1,719
Adjustments for :
- (increase)/ decrease in trade receivables (216) (58) (78)
- (increase)/ decrease in inventories (1,932) 179 (243)
- (increase)/ decrease in financial assets-loans receivables (4) (94) (6)
- (increase)/ decrease in other financial assets (371) 143 245
- (increase)/ decrease in other assets (64) 13 (34)
- (increase)/ decrease in other bank balances (!) (2) -
-increase/ (decrease) in gold on loan 633 1,070 2,587
- increase/ (decrease) in trade payables 239 (62) 187
-increase/ (decrease) in other financial liabilities (20) 158 254
- increase/ (decrease) in other current liabilities 515 (196) (218)
- increase/ (decrease) in provisions 22 (62) (49)
Cash (used)/generated from operating activities before taxes (109) 1,171 4,364
-Direct taxes paid, net (288: (97] (263
Net cash generated (used)/from operating activities (397) 1,074 4,101
B. Cash flow from investing activities
Purd1ase of property, plant and equipment, intangible assets and investment property (66) (46) (111)
Proceeds from sale of property, plant and equipment I I 7
Purchase of investments in subsidiaries and other equity instruments (7) (10) (30)
Proceeds from sale of investment in joint venture 43
Loan repayment/ (given to) received from subsidiary - 2 2
Investment in non convertible debentures - (5)
Inter-corporate deposits placed (594) (100) (150)
Proceeds from inter-corporate deposits 450 100
Bank deposits (placed)/ matured, net 25 (18) (60)
(Purchase)/ sale of mutual funds, net 1,010 (250) (2,640)
Loan given to Company's franchisees and vendors (32) - (97)
Proceeds from loan given to Company's franchisees and vendors 1 94
Lease payments received from sub-lease (excluding interest received) 11 9 19
Dividend received from subsidiary 24 24 24
Interes t received 32 36 60
Net cash from/(used) investing activities 855 (352) (2,744)
C. Cash flow from financing activities
(Repayment)/ proceeds from borrowings, net 25 (115) (626)
Dividends paid (including dividend distribution tax as applicable) (354) (353) (355)
Payment of lease liabilities (excluding interest paid) (62) (37) (98)
Finance costs paid (89) (90 (181
Net cash used in financing activities (C) (480) (595) (1,260)
Net cash generated/ (used in) during the year (A+B+C) (22) 127 97
Cash and cash equivalents (opening balance) 147 50 50
Add/ (Less): Unrealised exchange (gain)/ loss - - -
Cash and cash equivalents (closing balance) 125 177 147
Debt reconciliation statement in accordance with Ind AS 7
Current borrowings
Opening balance - 626 626
{Repayment) / proceeds from borr?wings, net 25 (115) (626)
Closing balance 25 511 -
Reconciliation of Lease liability
Opening balance 1,149 1,136 1,136
Payments made during the year (62) (37) (98)
Non-cash changes 35 35 Ill
Closing balance 1,122 1,134 1,149
 TITAN COMPANY LIMITED
CIN : L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2021

SEGMENT INFORMATION (Refer note 2)

tin crores
Particulars 3 months ended 6 months ended Year ended
30-09-2021 30-06-2021 30-09-2020 30-09-2021 30-09-2020 31-03-2021
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

Segment revenues and profit and loss

a) Sales/ lncome from segments

Watches and Wearables 687 292 400 979 475 1,580
Jewellery (refer note 4) 6,298 2,891 3,837 9,189 5,620 18,631
Eyewear 160 67 94 227 124 375
Others 46 14 23 60 27 98
Corporate (unallocated) 29 50 35 79 44 99
Total 7,220 3,314 4,389 10,534 6,290 20,783

b) Profit/ (Loss) from segments before finance costs and taxes

Watches and Wearables 92 (56) (4) 36 (168) (65)

jewellery 793 207 285 1,000 231 1,686
Eyewear 37 (13) 9 24 (22) 23
Others (1) (16) (10) (17) (28) (45)
Corporate (unallocated) (8 4 2 (4) (20 (185
913 126 282 1,039 (7) 1,414
Finance costs 45 44 44 89 90 181
Profit/ (loss) before laxes 868 82 238 950 (97) 1,233

c) Segment assets and liabilities

Segment assets
Watches and Wearables 2,217 2,126 2,048 2,217 2,048 1,932
Jewellery 10,913 9,035 8,068 10,913 8,068 8,646
Eyewear 431 425 457 431 457 414
Others 162 155 221 162 221 170
Corporate (unallocated) 3,852 3,541 2,699 3,852 2,699 4,698
Total 17,575 15,282 13,493 17,575 13 493 15,860

Segment liabilities
Watches and Wearables 781 684 635 781 635 678
Jewellery 8,460 6,485 5,366 8,460 5,366 7,130
Eyewear 217 210 197 217 197 221
Others 73 71 93 73 93 90
Corporate (unallocated) 169 194 641 169 641 188
Total 9,700 7,644 6,932 9,700 6,932 8,307
 TITAN COMPANY LIMITED
CIN: L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.
Notes:
1 The standalone unaudited financial results of Titan Company Limited ("the Company") have been prepared in accordance with Indian Accounting Standards (Ind AS)
notified under the Companies (Indian Accounting Standards) Rules, 2015, as amended.

2 The Company is structured into four verticals namely Watches and wearables, Jewellery, Eyewear and Others where "Others" include Accessories, Fragrances and
Indian Dress Wear. Accordingly, the Company has presented its segment results under these business segments.

3 During the period ended 30 Septermber 2021, the Company has incorporated TCL North America Inc, as a wholly owned subsidiary.
4 During the quarter and six months ended 30 September 2021, the Company sold gold-ingots aggregating t 192 crores (previous year t 391 crores) and ~ 616 crores
(previous year~ 992 crores) respectively to various customers dealing in bullion, which is disclosed as other operating revenues.

5 The statutory auditors have carried out limited review of the standalone unaudited financial results for the quarter and six months ended 30 September 2021 and have
issued unmodified review report.

6 The standalone unaudited financial results of the Company for the quarter and six months ended 30 September 2021 have been reviewed by the Audit Committee of
the Board on 26 October 2021 and approved by the Board of Directors al their meeting on 27 October 2021.

Place: Bengaluru
fo,•r ,~ CK Venkataraman ,....._,.
Date: 27 October 2021 Managing Director
 BS R & Co. LLP
Chartered Accountants

Embassy Golf Links Business Park Telephone +91 80 4682 3000

Pebble Beach, B Block, 3rd Floor Fax +91 80 4682 3999
Off Intermediate Ring Road
Bengaluru 560 071 India

Limited Review Report on unaudited quarterly consolidated financial results of Titan Company
Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("Listing Regulations")

To the Board of Directors of Titan Company Limited

1. We have reviewed the accompanying Statement of unaudited consolidated financial results of

Titan Company Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together
referred to as "the Group"), and its share of the net profit after tax and total comprehensive income
of its associate for the quarter ended 30 September 2021 and year to date results for the period
from 1 April 2021 to 30 September 2021 ("the Statement"), being submitted by the Parent pursuant
to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ('Listing Regulations').

2. This Statement, which is the responsibility of the Parent's management and approved by the
Parent's Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard 34 "Interim Financial
Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other
accounting principles generally accepted in India and in compliance with Regulation 33 of the
Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our
review.

3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 "Review of Interim Financial lriformation Performed by the Independent
Auditor ofthe Entity", issued by the Institute of Chartered Accountants oflndia. A review of interim
financial information consists of making inquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Standards on Auditing and
consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation
33 (8) of the Listing Regulations, to the extent applicable.

~
Rogloto"'d Offlco:
BS R & Co. la partnership firm with Registration No. Ba61223l converted into BS R & Co. LLP 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
la Limited Liability Partnership with LLP Registration No. AAB-81 Bl I with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai• 400063
BS R & Co. LLP

4. The Statement includes the results of the following entities:

Entity Relationship
Titan Company Limited Parent
Titan Engineering & Automation Limited Subsidiary
Subsidiary of Titan Engineering & Automation
TEAL USA Inc.
Limited (Incorporated on 15 April 2021)
Caratlane Trading Private Limited
Subsidiary
(formerly Carat Lane Trading Private Limited)
StudioC Inc. Subsidiary of Caratlane Trading Private
Limited (Incorporated on 11 February 2021)
Favre Leuba AG, Switzerland Subsidiary
Titan Watch Company Limited, Hong Kong Subsidiary of Favre Leuba AG, Switzerland
Subsidiary
Titan Holdings International FZCO, Dubai
(Incorporated on 15 October 2019)
Subsidiary of Titan Holdings International
Titan Global Retail L.L.C., Dubai FZCO, Dubai
(Incorporated on 15 December 2019)
Titan Commodity Trading Limited Subsidiary (Incorporated on 10 August 2020)
TCL North America Inc. Subsidiary (Incorporated on 15 April 2021)
Green Infra Wind Power Theni Limited Associate

5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has
come to our attention that causes us to believe that the accompanying Statement, prepared in accordance
with the recognition and measurement principles laid down in the aforesaid Indian Accounting
Standard and other accounting principles generally accepted in India, has not disclosed the information
required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner
in which it is to be disclosed, or that it contains any material misstatement.

for BS R& Co. LLP

Chartered Accountants
Firm Registration Number: 101248W/W- 100022

Sup eet Sachd

Partner
Membership Number: 205385
ICAI UDIN: 2.12.0 53 '65 Pt Pl~ f\t314t>L\ \ ~

Place: Bengaluru
Date: 27 October 2021
 TITAN COMP ANY LIMITED
ON: L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2021
PART! , in crores except earnings per share
Particulars 3 months ended 6 months ended Year ended
30-09-2021 30-06-2021 30-09-2020 30-09-2021 30-09-2020 31-03-2021
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1. Revenue from operations
- Sale of products/ services 7,243 3,004 4,127 10,247 5,495 20,088
- Other operating revenues (refer note 6) 250 469 426 719 1,037 1,556
II. Other income 55 46 48 101 89 186
Jll. ToW income (I +11) 7,548 3,519 4,601 11,067 6,621 21,830
IV. Expenses:
Cost of materials and components consumed 4,955 3,171 3,355 8,126 4,067 13,713
Purchase of stock-in-trade 1,009 541 435 1,550 502 2,579
Changes in inventories of finished goods, stock-in-trade and work-in-progress (346) (1,017) (658) (1,363) 108 122
Employee benefits expense 317 313 248 630 508 1,065
Finance costs 51 49 49 100 101 203
Depreciation and amortisation expense 104 95 94 199 187 375
Advertising 135 49 61 184 82 288
Other expenses 455 279 799 734 1,205 2,153
JV. Total expenses 6,680 3,480 4,383 10,160 6,760 20,498
V. Profit before sha re of profit/(loss) of an associate and a joint venture and 868 39 218 907 (139) 1,332
exceptional item and tax (III - JV)

VI. Share of profit/ (loss) of:

- Associate"" 0 0 - 0 - 0
- Joint Venture• - /1) (5 (5)
VII. Profit before exceptional item and tax (V - VJ) 868 39 217 907 (144) 1,327
VIII. Exceptional item - - - -
IX. Profit before tax (Vil - VIII) 868 39 217 907 (144) 1,327
X. Tax expense:
Current tax 229 21 4 250 5 360
Deferred tax (2) (0) 40 (2) (25) (71

X. Total tax 227 21 44 248 (20) 353

XI. Profit for the year (IX-X) 641 18 173 659 (124) 974

XII. Other comprehensive income

(i) Items that will not be reclassified to the statement of profit and loss
- Remeasurement of employee defined benefit plans• (20) - 22 (20) 22 48
- lnccme-tax on (i) above11- 5 - (6) 5 (6) (12)
(ii) Items that will be reclassified to the statement of profit and loss
- Effective portion of gain or (loss) on designated portion of hedging (SO) 35 400 (15) 202 234
instruments in a cash flow hedge
- Exchange differences in translating the financial statements of foreign (2) 2 - - 1 1
operations
- income-tax on (ii) above 13 (9) (100) 4 (54) (62)
XII. Total other comprehensive income (54) 28 316 (26) 165 209

XIII. Total comprehensive income (XI+Xll) 587 46 489 633 41 1183

Profit for the pericxi attributable to:
- Owners of the Group 639 20 175 659 (116) 973
- Non-controlling interest 2 (2 (2) - (8 1
641 18 173 659 (124) 974
Other comprehensive income for the period attributable to:
- Owners of the Group (54) 28 315 (26) 165 209
- Non-controlling interest ,. (0) 0 1 (0) - 0
(54) 28 316 (26) 165 209
Total comprehensive income for the period attributable to:
- Owners of the Group 585 48 490 633 49 1,182
- Non-controlling interest 2 (2 (1) (0) (8) 1
587 46 489 633 41 1,183

XIV. Paid up equity share capital (face value~ 1 per share): 89 89 89 89 89 89

XV. Other equity: 7,408
XVt. Earnings per equity share of , 1:
{based on net profit for the period (XI))
Basic and diluted (not annualised) 7.20 0.22 1.97 7.42 (1.30) 10.96

Items not presented due to roundmg off to the nearest f crore.

11-

See accompanying notes to the consolidated unaudited financial results

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 TITAN COMPANY LIMITED
CIN : L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2021
BALANCE SHEET
l in Crores
Particulars Asal Asal
30--09-2021 31-03-2021
(Un audited) (Audited)
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 1,175 1,216
(b) Capital work-in-progress 23 19
(c) Right-of-use asset 870 917
(d) Investment property 24 24
(e) Goodwill 123 123
(f) Other intangible assets 233 243
(g) Intangible assets under development 17 13
(h) Financial assets
(i) Investments 20 19
(ii) Loans receivables 42 43
(iii) Other financial assets 354 326
(i) Deferred tax asset (net) 111 105
(j) Income tax assets (net) 150 121
(k) Other non-<:iment assets 114 86
3,256 3,255
(2) Current assets
(a) Inventories 10,486 8,408
(b) Financial assets
(i) lnveshnents 1,814 2,805
(ii) Trade receivables 540 366
(iii) Cash and cash equivalents 153 181
(iv) Bank balances other than (iii) above 555 379
(v) Loans receivable 255 76
(vi) Other financial assets 383 230
(c) Other current assets 821 752
15,007 13,197
TOTAL ASSETS 18,263 16,452
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 89 89
(b) Other equity 7,687 7,408
Equity attributable to the equity holders of the Company 7,776 7,497
Non-control1ing interest 5 5
Total Equity 7,781 7,502
Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 5 9
(ii) Lease liabilities 1,046 1,059
(iii) Other financial liabilities 4 3
(b) Provisions 185 156
(c) Deferred tax liability (net) 8 8
(d) Other non-current liabilities 1 1
1,249 1,236
(2) Current liabilities
(a) Financial liabilities
(i) Borrowings 238 163
(ii) Gold on loan 4,856 4,210
(iii) Lease liabilities 190 197
(iv) Trade payables
- Total outstanding dues of micro and small enterprises 167 167
- Total outstanding dues of creditors other than micro and small enterprises 942 622
(iv) Other financial liabilities 180 232
(b) Other current liabilities 2,552 2,013
(c) Provisions 46 30
(d) Current tax liabilities (net) 62 80
9,233 7,714
TOTAL EQUITY AND LIABILITIES 18,263 16,452

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 TITAN COMP ANY LIMITED
CTN , L74999TZ1984PLCOOl 456
3, SIPCOT INDUSTRJAL COMPLEX, HOSUR 635 126.
STATEMENT OF CONSOLIDATED UNAUDITED CASH FWW FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2021
~ in Crores
Particulars 6 months ended Year ended
30-09-2021 30-09-2020 31-03-2021
(Unaudited) !Unaudited) (Audi led)
A. Cash flow horn operating activities
Net profit before tax 907 (143) 1,327
Adjustments for :
- Depreciation and amortisation expense 199 187 376
- Net unrealised exchange gain/loss (3) (3) (2)
- Share of loss of the associate and joint venh.lre (O) 4 5
- Employee stock compensation expense 0 - -
- Loss / (profit) on sale/ d.isposaV scrapping of property, plant and equipment (net) 2 4 6
- Provision for doubtful trade receivables (net) and bad trade receivables written off 5 36 35
- Provision for asset WTite off of a subsidiary 31
- Interest income (28) (56) (61)
- Gain on investments carried at fair value through profit and loss (40) (7) (35)
- Gain on sale of joint venture - - (22)
-Gain on pre-closure of lease contracts (9) (6) (13)
- Rent waiver (22) (52) (61)
- Finance costs 100 101 203
Operating profit before working capital changes 1,111 65 1,789
Adjustments for :
- (increase)/ decrease in trade receivables (179) (32) (59)
- (increase)/ decrease in inventories (2,078) 153 (316)
- (increase)/ decrease in financial assets-loans receivable (4) (94) (8)
- (increase)/ decrease in other financial assets (146) 140 237
- (increase)/ decrease in other assets (85) 2 (62)
- (increase)/ decrease in other bank balances (1) (2)
- increase/ (decrease) in gold on loan 646 1,092 2,625
- increase/ (decrease) in trade payables 321 (68) 195
- increase/ (decrease) in other financial liabilities (57) 148 253
- increase/ (decrease) in other liabilities 539 (219) (192)
- increase/ (decrease) in provisions 25 (66) (52)
Cash generated from operating activities before taxes 92 1,119 4,410
-Direct taxes paid, net (293) (99) (271)
Net cash generated (uscd)/from operating activities (A) (201) 1,020 4,139

B. Cash flow from investing activities

Purchase of property, plant and equipment, intangible assets and investment property (91) (66) (146)
Proceeds from sale of property, plant and equipment 4 2 7
Invesbnent in Non convertible debenhrres - (5)
Inte r-corporate deposits placed (594) (100) (150)
Proceeds from inter-corporate deposits 450 100
Bank d eposits (placed)/ matured, net (176) (1B) (73)
Proceeds from sale of inves tment in joint venture 0 43
Purchases of mutual funds, net 1,029 (243) (2,651)
Loan given to Group's franchisees and vendors (32) - (97)
Proceeds from loan given to Group's franchisees and vendors 1 94
Lease payments received from sub-lease (excluding interest received) 16 11 28
Interest received 29 63 49
Net cash generated from/(used in) investing activities (B) 636 (351) (2,801)

C. Cash flow from financing activities

(Repayment)/ proceeds from long term borrowings, net (3) (61) (12)
(Repayment)/ proceeds from borrowings, net 75 (550)
Dividends pa:id including dividend distribution tax (354) (353) (355)
Payment of lease liabilities (excluding interest paid) (82) (41) (114)
Finance costs paid (100) (101) (203)
Net cash used in financing activities (C) (464) (556) (1,234)
Net decrease in cash and cash equivalents during the year (A-t-B+C) (29) 113 104

Cash and cash equivalents (opening balance) 181 75 75

Add/ (Less), Unrealised exchange (gain)/ loss 1 - 2
Cash and cash equivalents (closing balance) 153 188 181

Debt reconciliation statement in accordance with Ind AS 7

Borrowings
Opening balance 172 733 734
(Repayment)/ proceeds from borrowings, net 72 (61) (562)
Closing ba lance 244 673 172
Reconciliation of Lease liability
Opening balance 1,256 1,243 1,243
Payments made during the year (82) (41) (114)
Non-cash changes 62 35 127
Closing balance 1,236 1,237 1,256

Page 3 of 5
 TITAN COMPANY LIMITED
ON: L74999TZ1984PLC001456
"'T"l"'T"/\.,.._. 3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 6.35 126.
COMPl'I.NT

STATEMENT OF CONSOLIDATED UNA UOITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2021
SEGMENT INFORMATION (Refer note 5)
, in Crores
Particulars 3 months ende d 6 months ended Year ended
30-09-2021 30-06-2021 30-09-2020 30-09-2021 30-09-2020 31-03-2021
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

Segment revenues and profit and loss

a) Sales/ Income from segments

Wa tches and Wearables 689 293 401 982 477 1,587
Jewellery (refer note 6) 6,571 3,050 3,983 9,621 5,807 19,320
Eyewear 160 67 94 227 124 375
Others 99 83 113 182 194 457
Corporate (unallocated) 29 26 10 55 19 91
Total 7,548 3,519 4,601 11,067 6,621 21,830
b) Profit/ (Loss) from segments before finance costs and taxes
Watches and Wearables 90 (61) (12) 29 (185) (132)
Jewellery 803 198 286 1,001 218 1,701
Eyewear 37 (13) 9 24 (22) 23
Others• (3) (17) 7 (20) (5) (5)
Corporate (unallocated) (8) (19) (24) (27) (49) (57)
919 88 266 1,007 (43) 1,530
Finance costs 51 49 49 100 101 203
Profit before taxes including share hom Associate and Joint Venture. 868 39 217 907 (144) 1,327
c) Segment assets and liabili ties

Segment assets
Watches and Wearables 2,252 2,159 2,115 2,252 2,115 1,960
Jewellery 11,616 9,579 8,780 11,616 8,780 9,459
Eyewear 431 425 457 431 457 414
Others 862 940 679 862 679 661
Corporate(Unallocated) 3,102 2,796 1,807 3,102 1,807 3,958
Total 18,263 15,899 13,838 18,263 13,838 16,452
Segment liabilities
Watches and Wearables 788 692 643 788 643 683
Jewellery 8,862 7,053 5,783 8,862 5,783 7,630
Eyewear 217 210 197 217 197 221
Others 445 203 212 445 212 227
Corporate(Unallocated ) 170 194 641 170 641 189
Total 10,482 8,352 7,476 10,482 7,476 8,950

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 TITAN COMPANY LIMITED
CJN: L74999TZ1984PLC001456
3, SIPCOT INDUS1R!AL COMPLEX, HOSUR 635 126.
Notes:
1 Consolidated unaudited financial results for the quarter and six months ended 30 September 2021 can be viewed on the website of the Company, National Stock
Exchange of India Limited (NSE) and BSE Ltd. Information of unaudited standalone financial results of the Company in terms of Regulation 47(1)(b) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (" SEBI Regulations") is as under:
tin Crores
Particulars 3 months ended 6 months ended Year ended
30-09-2021 30-06-2021 30-09-2020 30-09-2021 30-09-2020 31-03-2021
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Revenue from ooerations 7,170 3,249 4,318 10,419 6,180 20,602
Profit before tax 868 82 238 950 (971 1,233
Net urofit for the ueriod (after tax\ 641 61 199 702 (71 877
Total comprehensive income 591 87 512 678 92 1,083
2 The consolidated unaudited financial results of the Group have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the
Compartles {Indian Accounting Standards) Rules, 2015 as amended.

3 During the period ended 30 September 2021, the Group has incorporated the following entities:
TCL North America Inc., as a wholly owned subsidiary of Titan Company Limited.
TEAL USA Inc., as a wholly owned subsidiary of Titan Engineering & Automation Limited.

4 The consolidated financial results includes results of:

Subsidiaries
Caratlane Trading Private Limited
StudioC Inc. (from 11 February 2021)
(Wholly owned subsidiary of Carntlane Trading Private Limited)
Titan Engineering & Automation Limited
TEAL USA Inc. (from 15 April 2021)
(Wholly owned subsidiary of Titan Engineering & Automation Limited)
Favre Leuba A G, Switzerland
Titan Watch Company Limited, Hong Kong
(100% Subsidiary of Favre Leuba A G)
Titan Holdings International FZCO (from 15 October 2019)
Titan Global Retail L.L.C (from 15 December 2019)
(Subsidiary of Titan Holdings International FZCO)
Titan Commodity Trading Limited ( from 10 August 2020)
TCL North America Inc. (from 15 April 2021)
Associate Company
Green Infra Wind Power Theni Llmited

5 The Group is structured into four verticals namely Watches and Wearables, Jewellery, Eyewear and Others w here "Others" include Aerospace & Defence,
Automation Solutions, Accessories, Fragrances and Indian Dress Wear. Accordingly, the Group has presented its segment results under these business segments in
the manner consistent with the internal reporting to the chief operating decision maker (CODM).

6 During the quarter and six months ended 30 Septermber 2021, the Group sold gold-ingots aggregating <192 crores (previous year ~ 391 crores) and ~ 616 crores
(previous year , 992 crores) to various customers dealing in bullion, which is disclosed as other operating revenues.

7 The statutory auditors have carried out limited review of the consolidated unaudited financial results for the quarter and six months ended 30 September 2021 and
have issued unmodified review report.

8 The consolidated unaudited financial results of the Group for the quarter and six months ended 30 September 2021 have been reviewed by the Audit Committee of
the Board on 26 October 2021 and approved by the Board of Directors at their meeting on 27 October 2021.

Place: Bengaluru CK Venkataraman

Date: 27 October 2021 Managing Director

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