TIT/\N

COMPANY

PRESS RELEASE
Titan FY22 revenue records 36% growth
and profit more than doubles

Bengaluru, 3rd May 2022: 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 the FY21 (excluding bullion sale). The Company recorded a profit of, 2,983 crore (before taxes and
exceptional items) for the fiscal year in comparison to, 1,370 crore in FY21, a growth of 118%. The exceptional
item represents, 51 crore expense recognised in the books on account of 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, 7,352 crore, a growth of 3%
compared to, 7,169 crore in Q4 FY21. Excluding bullion sale, 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, 6,132 crore compared to, 6,397 crore in
Q4 FY21 (excluding bullion sale), a decline of 4%. Watches & Wearables business reported an income of, 622
crore with 12% growth in Q4 FY22 compared to, 555 crore in Q4 FY21. EyeCare business reported an income
of, 134 crore with 6% growth in Q4 FY22 compared to, 127 crore in Q4 FY21. Other businesses comprising
of 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, 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 , 1,256 crore and a profit of , 39 crore (before taxes and
exceptional items) compared to revenue of, 716 crore and profit of, 2 crore in FY21. In Q4 of FY22, it clocked
a revenue of, 365 crore and a profit of, 11 crore (before taxes and exceptional items) compared to revenue
of, 253 crore and a profit of, 10 crore in Q4 FY21.

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.titancompany.in

A TI\TI\ Enterprise
 TITAN
COMP/\NY

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

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

"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
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."

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 EyeCare. 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/TitanCompanyLim ited/
Twitter: https://twitter.com/TitanCompanyltd
Linkedln: https://www.linkedin.com/company/titan-industries
lnstagram: https://www.instagram .com/titancompanyltd/

For more information, please contact:

Investor Relations: Media Relations:

investo r-relations@tita n. co. in corpcomm@titan .co.in
[email protected]

Titan Company Limited

'INTEGRITY' No .193, Veerasandra, Electronics City P.O Off Hosur Main Road, Bengaluru - 560100 India, Tel : 9180- 67047000, Fax : 9180- 67046262
Registered Office No.3, SIPCOT Industrial Compl ex Hosur 635 126 TN India, Tel 914344 664 199, Fax 914344 276037, CIN: L74999TZ1984PLC001456
www.titancompany.in

A TAT.I\ Enterprise
 8 SR & Co. LLP
Chartered Accountants
Embassy Golf Links BusineS& Park, Telephone: + 9180 4682 3000
Pebble Beach, 8 Block, 3'" Floor, No. 13/2, Fax. + 91 80 4682 3999
Off Intermediate Ring Road,
Bengaluru-560 071 India

lndeoe11de11t Auditors Reoort

To the Board of Directors of Titan Company Limited
Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of Titan Company Limited
(hereinafter referred to as the ·company") for the year ended 31 March 2022, attached herewith, being
submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing
Regulations').
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone annual financial results:
a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
b. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards, and other accounting principles generally accepted in
India, of the'net profit and other comprehensive loss and other financial information for the year ended
31 March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section
143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described
in the Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results section of our
report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our
opinion on the standalone annual financial results.

Management's and Board of Directors' Responsibilities for the Standalone Annual Financial
Results

These standalone annual financial results have been prepared on the basis of the standalone annual
financial statements.
The Company's Management and the Board of Directors are responsible for the preparation and
presentation of these standalone annual financial results that give a true and fair view of the net profiU
. loss and other comprehensive income and other financial information in accordance with the recognition
and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of
the Act and other accounting principles generally accepted in India and in compliance with Regulation 33
of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone annual financial results that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

Reg,..._, Offic<>
BS R & Co (a partner5t,ip fl.rm With Regl5tration No BA.61223) converted tnto 8 SR & Co UP {a 14th Floor, Cenbal B 'Nl,g and Nocth C VVing, Nesco IT Pane 4 NNCO
limted L1111bilty Partner5h1p With UP Registrabon No AAB-8181) wih effect h'om Octobet 1.f, 2013 Center, ~ Express~. Goregaon (East), Mumbai - 400063
BS R & Co. LLP

Independent Auditor's Report (Continued)

Titan Company Limited
In preparing the standalone annual financial results, the Management and the Board of Directors are
responsible for assessing the Company's ability to continue as a going concern, disdosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the Board of
Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
The Board of Directors is responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these standalone annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone annual financial results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud m_ay involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible
for expressing our opinion through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the standalone annual financial results made by the Management
and Board of Directors.
- Conclude on the appropriateness of the Management and Board of Directors use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the appropriateness of this
assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor's report to the related disclosures in the standalone annual financial results or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, future events or conditions may cause the
Company to cease to continue as a going con~m.
Evaluate the overall presentation, structure and content of the standalone annual financial results,
including the disclosures, and whether the standalone annual financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, inciuding any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a state~nt that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
 BS R & Co. LLP

Independent Auditor's Report (Continued)

Titan Company Limited
Other Matter(s)

a. The standalone annual financial results include the results for the quarter ended 31 March 2022 being
the balancing figure between the audited figures in respect of the full financial year and the published
unaudited year to date figures up to the third quarter of the current financial year which were subject
to limited review by us.

For BS R & Co. LLP

Chartered Accountants
Firm's Registration No.:101248W/W-100022

~~ Supreet Sachdev
Partner
Bengaluru Membership No.: 205385
03 May 2022 , UDIN:22205385AIHXYH9043
'

----
 TITAN COMPANY LIMITED
........-
COMP~NV
....... CIN: L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2022
PART! '{ in crores except earnings per share
Particulars 3 months ended Year ended
31-03-2022 31-12-2021 31-03-2021 31-03-2022 31-03-2021
(Audited) 7 (Unaudited) (Audited) 7 (Audited) (Audited)

I. Revenue from operations

- Sale of products/ services 6,749 9,381 6,991 25,831 19,046
- Other operating revenue (refer note 4) 527 134 144 1,379 1,556
II. Other income 76 55 34 246 181
III. Total income (I +II) 7,352 9,570 7,169 27,456 20,783
IV. Expenses:
Cost of materials and components consumed 6,855 6,344 4,507 20,939 13,143
Purchase of stock-in-trade 1,359 1,336 868 4,187 2,462
Changes in inventories of finished goods, stock-in-trade and work-in- (2,711) (509) 236 (4,468) 164
progress
Employee benefits expense 328 276 251 1,143 911
Finance costs 54 52 45 195 181
Depreciation and amortisati on expense 88 85 82 347 331
Ad verlising 156 172 79 474 232
Other expenses 507 497 399 1,656 1,989
IV. Total expenses 6 636 8 253 6467 24473 19,413
V. Profit / (loss) before exceptional item and tax (III - IV) 716 1317 702 2 983 1370
VI. Exceptional item (refer note 5) 51 - - 51 137
VII. Profit/ (loss) before tax (V - VJ) 665 1,317 702 2,932 1,233
VIII. Tax expense:
Current tax 196 333 179 779 351
Deferred tax (22' /3) (6' (27) 5
VIII. Total tax 174 330 173 752 356
IX. Profit / (loss) for the period (VII-Vlll) 491 987 529 2180 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 27 - 27 9 45

- Income-tax on (i) above• (7) - (6) (2) (II )

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

- Effective portion of gain or (loss) on designated portion of hedging (2) 22 (16) 234
instruments in a cash flow hedge
-income-tax on (ii) above - - (6\ 4 /62)
X. Total other comprehensive income 20 (2) 37 (5 206

XI. Total comprehensive income (IX+X) 511 985 566 2175 1 083

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

XIII. Other equity: 9,284 7,464
XN . Earnings/ (loss) per equity share of"' 1:
{based on net profit/ (loss) for the period (IX))
Basic and dil uted (not annualised) 5.53 11.12 5.96 24.56 9.88

See acc'?mpanying notes to the stand alone audited financial results

 .
.- .-...............
CDMPl'I.NY
TITAN COMPANY LIMITED
CIN: L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED31 MARCH 2022
BALANCE SHEET
fin crores
Particulars Asal As al
31-03-2022 31-03-2021
(Audited) (Audited)
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 1,012 1,026
(b) Capital work-in-progress 60 17
(c) Right-of-use assets 877 854
(d) Investment property 1 24
(e) Intangible assets 35 55
(f) Intangible assets un der development 11 8
(g) Financial assets
(i) Investments 869 759
(ii) Loa ns receivable 40 41
(iii) Other financial assets 508 283
(h) Deferred tax assets (net) 136 105
(i) Incom e tax assets (net) 135 120
G) Other non-current assets 74 67
3,758 3,359
(2) Current assets
(a) Inventories 12,787 7,984
(b) Financial assets
(i) Investments 15 2,753
(ii) Trade receivables 495 291
(iii) Cash and cash equivalents 117 147
(iv) Bank balances other than (iii) above 932 365
(v) Loans receivable 419 73
(vi) Other financial assets 762 217
(c) Other current assets 852 671
16,379 12,501
TOTAL ASSETS 20137 15 860
EQUITY AND LIABILITIES
Equity
(a) Equi ty share capital 89 89
(b) Other equity 9,284 7,464
TOTAL EQUITY 9,373 7,553
Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Lease liabilities 1,026 971
(b) Provisions 179 143
1205 1,114
(2) Current liabilities
(a) Financial liabilities
(i) Borrowings 225 -
(ii) Gold on loan 5,161 4,094
(iii) Lease liabilities 193 178
(iv) Trade payables
- Total outstanding dues of micro and small enterprises 198 158
- Total outstanding dues of creditors other than micro and small enterprises 857 537
(v) Other financial liabilities 429 218
(b) Other current liabilities 2,386 1,905
(c) Provisions 30 23
(d) Current tax liabilities (net) 80 80
9,559 7,193
TOTAL EOUITY AND LIABILITIES 20,137 15,860
 TITAN COMPANY LIMITED
CIN : L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.
'STATEMENT OF STANDALONE AUDITED CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
tin Crores
Particulars Asal
31-03-2022 31-03-2021
(Audited) (Audited)
A. Cash flow from operating activities
Net profit before tax 2,932 1,233
Adjustments for:
-Depreciation and an1ortisation expense 347 331
-Net unrealised exchange (gain)/loss (1) 1
-Loss on sale/ disposal/ scrapping of property, plant and equipment (net) 3 6
-Provision for doubtful trade receivables (net) and bad trade receivables written off 0 34
-lnterest income (92) (73)
-Gain on investments carried at fair value through profit and loss (86) (34)
-Gain on sale of investment in joint venture - (4)
-Dividend Income (24) (24)
-Gain on pre-closure of lease contracts (20) (12)
-Rent waiver (30) (57)
-Impairment of investment in subsidiary 137
-Finance costs 195 181
Operating profit before working capital changes 3,224 1,719
Adjustments for:
- (increase)/ decrease in trade receivables (204) (78)
- (increase)/ decrease in inventories (4,803) (243)
- (increase)/ decrease in financial assets-loans receivables (1) (6)
- (increase)/ decrease in other financial assets (511) 245
- (increase)/ decrease in other assets (185) (34)
- (increase)/ decrease in other bank balances - -
- increase/ (decrease) in gold on loan 1,067 2,587
- increase/ (decrease) in trade payables 362 187
- increase/ (decrease) in other financial liabilities 189 254
- increase/ (decrease) in other current liabilities 481 (218)
- increase/ (decrease) in provisions 51 (49)
Cash (used)/generated from operating activities before taxes (330) 4,364
-Direct taxes paid, net (796) (263)
Net cash (used)/generated from operating activities (1,126) 4,101
B. Cash flow from investing activities
Purchase of properly, plant and equipment, intangible assets and investment property (173) (111)
Proceeds from sale of property, plant and equipment 6 7
Purchase of investments in subsidiaries and other equity instruments (169) (30)
Proceeds from sale of investment in joint venture - 43
Loan repa yment / (given to) received from subsidiary 2
Investment in non convertible d ebentures (100) (5)
Inter-corporate deposits placed (1,094) (150)
Proceeds from inter-corporate deposits 750 100
Bank deposits (placed)/ matured, net (568) (60)
(Purchase)/ sale of mutual funds, net 2,815 (2,640)
Loan given to Company's franchisees and vendors (34) (97)
Proceeds fro m l oan given to Company's franchisees and vendors 34 94
Lease payments received from sub-lease (excluding interest received) 21 19
Dividend received from subsidiary 24 24
Interest received 52 60
Net cash from/(used in) investing activities 1,564 (2,744)
C. Cash flow from financing activities
Proceeds I (repayment) from borrowings, net 225 (626)
Dividends paid (including dividend distribution tax as applicable) (355) (355)
Payment of lease liabilities (excluding interest paid) (143) (98)
Finance costs paid (195) (181)
Net cash used in financing activities (C) (468) (1,260)
Net cash (used)/ generated during the year (A+B+C) (30) 97
Cash and cash equivalents (opening balance) 147 50
Add/ (Less): Unrealised exchange (gain)/ loss -
Cash and cash equivalents (closing balance) 117 147
Debt reconciliation statement in accordance with Ind AS 7
Current borrowings
Opening balan ce - 626
(Repayment) / proceeds from borrowings, net 225 (626)
Closing balance 225 -
Reconciliation of Lease liability
Opening balance 1,149 1,136
Payments made during the year (143) (98)
Non-cash changes 213 111
Closing balance 1,219 1,149
 - -~

COMP~NY
l'J TITAN ~2~~! 1
~~c~~ ~1TED
4
3, SIPCOT INDUSTRIAL COMPLEX, HOS UR 635 126.
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2022

SEGMENT INFORMATION (Refer note 2)

tin crores
Particulars 3 months ended Year ended
31-03-2022 31-12-2021 31-03-2021 31-03-2022 31-03-2021
(Audited) 7 (Unaudited) (Audited) 7 (Audited) (Audited)

Segment revenues and profit and loss

a) Sales/ Income from segments

Watches and Wearables 622 708 555 2,309 1,580
Jewellery (refer note 4) 6,507 8,617 6,422 24,313 18,631
Eyecare 134 156 127 517 375
Others 42 52 35 154 98
Corporate (unallocated) 47 37 30 163 99
Total 7,352 9,570 7,169 27,456 20,783

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

Watches and Wearables (10) 82 46 108 (65)

Jewellery 767 1,260 703 3,027 1,686
Eyecare (8) 34 23 50 23
Others (16) (3) (9) (36) (45)
Corporate (unallocated) (14) (4) (16) (22) (185)
719 1,369 747 3,127 1,414
Finance costs 54 52 45 195 181
Profit before taxes 665 1,317 702 2,932 1,233

c) Segment assets and liabilities

Segment asse ts
Watches and Wearables 2,256 2,156 1,932 2,256 1,932
Jewellery 14,038 11,055 8,646 14,038 8,646
Eyecare 463 442 414 463 414
Others 210 166 170 210 170
Corporate (unallocated) 3,170 5,996 4,698 3,170 4,698
Total 20,137 19,815 15,860 20,137 15,860

Segment liabilities
Watches and Wearables 905 843 678 905 678
Jewellery 9,040 9,568 7,130 9,040 7,130
Eyecare 269 242 221 269 221
Others 93 80 90 93 90
Corporate (unalloca ted) 457 222 188 457 188
Total 10,764 10,955 8,307 10,764 8,307
 TITAN COMPANY LIMITED
CIN : L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.
Notes:
1 The standalone audited 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, JewelJery, Eyecare 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 year ended 31 March 2022, the Company has incorporated TCL North America Inc, as a wholly owned subsidiary.
4 During the quarter and year ended 31 March 2022, the Company sold gold-ingots aggregating~ 375 crores (previous qu arter ended 31 March 2021, ~ 25
crores ) and ~ 1045 crores (previous year ended 31 March 2021, ~ 1357 crores) respectively to various customers dealing in bullion, which is disclosed as
other operating revenues.
S During the quarter and yea r ended 31 March 2022, the Company had announced Voluntary Retirement Scheme (VRS) to some employees. The expenses
accrued for the quarter and year amounting to ~ 51 crores is disclosed as exceptional items during the year.

During the previous year ended 31 March 2021, the Company had created provision for impairment of investment in a subsidiary (Favre Leuba AG,
Switzerland) amounting to t 137 crores and the same is disclosed as exceptional item during the previous year.

Profit / (loss) from segments before exceptional items, finance costs and laxes are as below for the quarter and year ended 31 March 2022 and year ended
31 March 2021 is given below:

Segment Quarter ended Quarter ended Quarter ended Year ended Year ended
31-03-2022 31-12-2021 31-03-2021 31-03-2022 31-03-2021
Watches and Wearables 16 82 46 134 (65)
Jewellery 780 1,260 703 3,040 1,686
Eyecare (3) 34 23 55 23
Others (15) (3) (9) (35) (45)
778 1,373 763 3,194 1,599
Corporate (Unallocated) (8) /4) /16) /16) /48 )
Profi t before excentional items finance costs and taxes 770 1 369 747 3178 1 551

6 Titan has a practice of sha ring its success & prosperity with its people. To reward an excellent performance amidst challenging times, Titan has
a1mounced an Ex-Gratia of Rs 72 crore. The same has been provided in the books of accounts during the qua rter.

7 The above results of the Company have been audited by the statutory auditors and have issued an unqualified audit opinion on the same. The figure for
the quar ters ended 31 March 2022 and 31 March 2021 are the balanci ng figure between the audited figures of the full financial year and the unaudi ted
year to date figure upto the third quarter of the respecti ve financial years. Also, the figures u pto the end of the third quarter were only reviewed and not
subjected to audit.
8 The standalone audited finan cial results of the Company for th e quarter and year ended 31 March 2022 have been reviewed by the Audit Committee of
the Board on 2 May 2022 and approved by the Board of Directors at their 111eeting on 3 May 2022.

9 The Board of Directors at its meeting held on 3 May 2022 has recommended a dividend of~ 7.50 p er equity sh are for the year ended 31 March 2022. The
same is subject to shareh olders' approval in the ensuing Annual General Meeting.

Place: Bengaluru CK Venkataraman

Date: 3 May 2022 Mnnaging Director

cZ
8 SR & Co. LLP
Chartered Accountants
Embassy Golf Link& Busine&& Park, Telephone: ,. 91 BO 4682 3000
Pebble Beach, 8 Block, 3" Floor, No. 13/2, Fax: ,. 91 80 4682 3999
Off Intermediate Ring Road,
Bengaluru-560 071 India

lndepende11t Auditor's Report

To the Board of Directors of Titan Company Limited
Report on the audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of Titan Company Limited
(hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its
subsidiaries together referred to as ihe Group") and its associate for the year ended 31 March 2022,
attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation
33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us and based
on the consideration of reports of other auditors on separate audited financial statements of the
subsidiaries, the aforesaid consolidated annual financial results:
a. include th e annual financial results of the following entities

Entity Relationship
' ,.
Titan Company Limited Parent

Titan Engineering & Automation Limited Subsidiary

TEAL USA Inc. Subsidiary of Titan Engineering & Automation

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 Comp_any Limited, Hong Kong Subsidiary of Favre Leuba AG, Switzerland

Titan Holdings International FZCO, Dubai Subsidiary (Incorporated on 15 October 2019)

Titan Global Retail L.L.C, Dubai Subsidiary of Titan Holdings International FZCO,
Dubai
(Incorporated on 15 December 2019)

Titan Commodity Trading Limited Subsidiary (Incorporated on 1O August 2020)

TCL North America Inc. Subsidiary (Incorporated on 1 O August 2020)

Green Infra Wind Power Theni Limited Associate

ROQKWod Offiu

BS R g Co.(• partner5hipfirm wth RegI1b'atJon No. BA61223) converted Ire0 8 S R & Co. LlP (a ,.,h Floor, C.ntral B W,,g and North C 'Mng Nesoo IT Pal1< ◄ Nesco
LimCod L,abi,;y P■rtnonlup- LLP Reg,.tr•,on No. MS-3181) - effect k omOct- 14, 2013 Cen1c, Western &_PfeM Highway, Gotiegaon (E.IQ'). Mumbai• 400063
 BS R & Co. LLP

Independent Auditor's Report (Continued)

Titan Company Limited
b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
c. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards, and other accounting principles generally accepted in
India, of consolidated net profit and other comprehensive loss and other financial information of the
Group for the year ended 31 March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section
143(1 O) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described
in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Resuffs section of our
report. We are independent of the Group and its associate in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence obtained by us.along with the consideration of reports of the
other auditors referred to in sub paragraph (a) of the ·other Matters• paragraph below, is sufficient and
appropriate to provide a basis for our opinion on the consolidated annual financial results.

Management's and Board of Directors' Respons1b1ht1es for the Consolidated Annual Financial
Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual
financia l statements.
The Holding Company's Management and the Board of Directors are responsible for the preparation and
presentation of these consolidated annual financial results that give a true and fair view of the consolidated
net profiU loss and other comprehensive income and other financial information of the Group including its
associate in accordance with the recognition and measurement principles laid down in Indian Accounting
Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in
India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and
Board of Directors of the companies included in the Group and of its associate are responsible for
maintenance of adequate accounting records In accordance with the provisions of the Act for safeguarding
of the assets of each company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and the design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the consolidated annual financial results that give a true and fair view
and are free from material misstatement, whether due to fraud or error, which have been used for th e
purpose of preparation of the consolidated annual financial results by the Management and the Board of
Directors of the Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the respective Management and the Board of
Directors of th e companies included in the Group and of its associate are responsible for assessing the
ability of each company to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the respective Board of Directors either
intends to liquidate the company or to cease operations, or has no realistic alternative but to doso.
The respective Board of Directors of the companies included in the Group and of its associate is
· responsible for overseeing the financial reporting process of each company.

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected lo influence the economic decisions of users taken on the basis of
these consolidated annual financial results.
BS R & Co. LLP

Independent Auditor's Report (Continued)

Titan Company Limited
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated annual financial results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible
for expressing our opinion through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness or such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness or accounting
estimates and related disclosures in the consolidated annual financial results made by the
Management and Board of Directors.
Conclude on the appropriateness of the Management and Board of Directors use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the appropriateness of this
assumption. lfwe conclude that a material uncertainty exists, we are required to draw attention in our
auditor's report to the related disclosures in the consolidated annual financial results or, if such
disclosures ~re inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, future events or conditions may cause th e
Group and its associate to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated annual financial results,
including the disclosures, and whether the consolidated annual financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial statements of the entities within
the Group and its associate to express an opinion on the consolidated annual financial results. We
are responsible for the direction, supervision and performance of the audit of financial statements of
such entities included in the consolidated annual financial results of which we are the independent
auditors. For the other entities included in the consolidated annual financial results, which have been
audited by other auditors, such other auditors remain responsible for the direction, supervision and
performance of the audits carried out by them. We remain solely responsible for our audit opinion.
Our responsibilities in this regard are further described in sub paragraph (a) of the section tilled · other
Matters" paragraph in this audit report.
We communicate with those charged with governance of the Holding Company and such other entities
included in the consolidated annual financial results of which we are the independent auditors regarding,
among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the
Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent
applicable.
 BS R & Co. LLP

Independent Auditor's Report (Continued)

Titan Company Limited

Other Matter(s)

a. The consolidated annual financial results include the audited financial results of three subsidiaries
(including two step down subsidiaries), whose financial statements reflect total assets (before
consolidation adjustments) of Rs 220 crores as at 31 March 2022, total revenues (before
consolidation adjustments) of Rs.120 crores. total net loss after tax (before consolidation) of Rs 33
crores and net cash inflows (before consolidation adjustments) amounting to Rs.3 crores for the year
ended on that date, which have been audited by their respective independent auditors. The
independent auditor's reports on financial statements of these entities have been furnished to us by
the management.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and
disclosures included in respect of these entities, is based solely on the reports of such auditors and
the procedures performed by us are as stated in paragraph above.
These subsidiaries (including step down subsidiaries) located outside India whose financial
statements has been prepared in accordance with accounting principles generally accepted in their
respective countries and which has been audited by respective auditors under generally accepted
auditing standards applicable in their respective countries. The Holding Company's management has
converted the financial statements of such subsidiaries located outside India from accounting
principles generally accepted in their respective countries to accounting principles generally accepted
in India. We have audited these conversion adjustments made by the Holding Company's
management. Our opinion in so far as it relates lo the balances and affairs of such subsidiaries located
outside lnctia is based on the reports of respective auditors and the conversion adjustments prepared
by the management of the Holding Company and audited by us.
Our opinion on the consolidated annual financial results is not modified in respect of the above matters
with respect to our reliance on the work done and the reports of the other auditors.
b. The consolidated annual financial results include the unaudited financial results of four subsidiaries
(including two step down subsidiaries), whose financial statements reflect total assets (before
consolidation adjustments) of Rs. 682 crores as al 31 March 2022, total revenue (before consolidation
adjustments) of Rs. 378 cores , total net profit after tax (before consolidation adjustments) of Rs. 14
crores and net cash inflows (before consolidation adjustments) of Rs 15 crores for the year ended on
that date, as considered in the consolidated annual financial results. These unaudited financial
statements have been furnished lo us by the Board of Directors.
The consolidated annual financial results also include the Group's share of total net loss after tax of
Rs. 0.13 crores for the year ended 31 March 2022, as considered in the consolidated annual financial
results, in respect of one associate. This unaudited financial statements have been furnished to us
by the Board ofDirectors.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and
disclosures included in respect of these subsidiaries and associate is based solely on such financial
statements. In our opinion and according to the information and explanations given to us by the Board
of Directors, these financial statements are not material lo the Group.
Our opinion on the consolidated annual financial results is not modified in respect of the above matter
with respect to the financial statements certified by the Board of Directors.
 BS R & Co. LLP

Independent Auditor's Report (Continued)

Titan Company Limited

c. Th e consolidated annual financial results include the results for the quarter ended 31 March 2022
being the balancing figure between the audited figures in respect of the full financial year and th e
published unaudited year to date figures up to the third quarter of the current financial year wh ich
were subject to limited review by us.

For BS R & Co. LLP

Chartered Accountants
Firm's Registration No.: 101248W/W-100022

Supreet Sachdev
Paltner

Bengaluru Membership No.: 205385

03 May 2022 UDIN:22205385AIHXYO5796

' \.
 TITAN COMPANY LIMITED
CIN : L74999TZ1984PLC001456
3, SJPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2022
PART! 't in crores except earnings per share
Particulars 3 months ended Year ended Year end ed
31-03-2022 31-12-2021 31-03-2021 31-03-2022 31-03-2021
(Audited) 10 (Unaudited) (Audited)" (Audited) (Audited)
L Revenue from operations
- Sale of products/ services 7,267 9,903 7,351 27,417 20,088
- Other operating revenues (refer note 7) 529 134 143 1,382 1,556
II. Other income 76 57 57 234 186
Ill. Total income (I +JI) 7,872 10,094 7,551 29,033 21,830
IV. Expenses:
Cost of materi als and com ponents consumed 7,275 6,707 4,675 22,108 13,713
Purchase of stock-in-trade 1,395 1,383 906 4,328 2,579
Changes in inventories of finished goods, stock-in-trade and work-in-progress (2,843) (589) 256 (4,795) 122
Employee benefits expense 395 324 290 1,349 1,065
Finance costs 61 57 51 218 203
Depreciation and amortisa tion expense 102 98 93 399 375
Advertising 198 208 101 590 288
Other expenses 582 562 449 1,878 2,153
IV. Total expenses 7,165 8,750 6,821 26,075 20,498
V. Profit before share of profit/(loss) of an associate and a joint venture and 707 1,344 730 2,958 1,332
exceptional item and tax (HI - IV)

VI. Share of profit/ (loss) of:

- Associate* (0) (0) (0)
- Joint Venture (5)
VII. Profit befoce exceptional item and tax (V - VI) 707 1,344 730 2,958 1,327
VlII. Exceptional item (refer note 7) 54 54
IX. Profit before tax (Vil - VIII) 653 1,344 730 2,904 1,327
X. Tax expense:
Current tax 201 335 180 786 360
Deferred tax (75) (3) (18) (80) (7)
X. Total tax 126 332 162 706 353
XI. Profit for the year (IX-X) 527 1,012 568 2,198 974

XII. Other comprehensive income

(i) rt(:"ms that will not be reclassified to the statement of profit and loss
- Remeasurement of employee defined benefit plans 30 (1) 29 9 48
- Income-tax on (i) above* (6) 0 (7) (1) (12)
(ii) Items that will be reclassified to the statement of profit and loss
- Effective portion of gain or (loss) on designated portion o f hedging (2) (2) 22 (19) 234
instruments in a cash flow hedge
- Exchange differences in transl ating the financial statements of fore ign" (5) 0 (2) (5) l
operations
- income-tax on (ii) above* 0 (6) 4 (62)
XII. Total other comprehensive income 17 (3) 36 (12) 209

XIII. Total comprehensive income {Xl+Xll) 544 1,009 604 2,186 1,183
Profit for the period attributable to:
- Owners of the Group 510 1,004 564 2,1 73 973
- Non-controlling interest 17 8 4 25 1
527 1,012 568 2,198 974
Other comprehensive income for the period attributable to:
- Owners of the Group 17 (3) 36 (12) 209
- Non-controlling interest"' 0 (0) (0) 0
17 (3) 36 (12) 209
Total comprehensive income for the period attributable to:
- Ow-ners of the Group 527 1,001 600 2,161 1,182
- Non-controlling interest 17 8 4 25 1
544 1,009 604 2,186 1,183

XIV. Paid up equi ty share capital (face Vdlue, 1 per share): 89 89 89 89 89

XV. Other equity: 9,214 7,408
XVI. Earni ngs per equity share off 1:
{based on net p rofit for the period (XI)}
Basic and diluted (not annualised) 5.74 11.31 6.36 24.48 10.96

• Items not presented due to rounding off to the nearest f crore.

See acco mpanying notes to the consolidated audited fina ncial results

Page lofS
 TITAN COMPANY LIMITED
CJN, L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2022
BALANCE SHEET
fi n Crores
Particulars Asat As at
31-03-2022 31-03-2021
(Audited) (Audited)
ASSETS
(1) Non•current assets
(a) Property, plant and equipment 1,218 1,216
(b) Capital work-in-progress 69 19
(c) Right-of-use asset 973 917
(d) Investment property 1 24
(e) Goodwill 123 123
(f) Other intangible assets 229 243
(g} Intangible assets und er development 16 13
(h) Financial assets
(i) Investments 279 19
(ii) Loans receivables 42 43
(iii) Other finan cial assets 382 326
(i) Deferred tax asset (net) 187 105
(j) Income tax assets (net) 137 121
(k) O ther n on-current assets 84 86
3,740 3,255
(2) Current assets
(a) Inventories 13,609 8,408
(b) Financial assets
(i) Investments 15 2, 805
(ii) Trade receivables 565 366
(iii) Cash and cash equivalents 219 181
(iv) Bank balances other than (iii) above 1,354 379
(v) Loans receivab le 423 76
(vi) Other financial assets 291 230
(c) Other current assets 978 752
17,454 13,197
TOTAL ASSETS 21,194 16,452
EQUITY AND LIABILITIES
Equity
(a) Eqi.tity share capital 89 89
(b) Other eqi.tity 9,214 7,408
Eqi.tity attributable to the eqi.tity holders of the Company 9,303 7,497
Non-controlling interest 30 5
Total Equity 9,333 7,502
Liabil ities
(1) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 2 9
(ii) Lease liabilities 1,138 1,059
(iii) Other fina ncial liabilities 4 3
(b) Provisions 198 156
(c) Deferred tax liability (net) 6 8
(d) Other non-current liabilities 1 I
1,349 1,236
(2) Current liabilities
(a) Financial liabilities
(i) Borro wings 516 163
(ii) Gold on loan 5,398 4,210
(iii) Lease liabilities 221 197
(iv} Trade payab les
- Total outstanding dues of m icro and small enterprises 242 167
- Total o utstanding dues of creditors othe r than micro and small enterprises 1,052 622
(iv) Other financial liabilities 440 232
(b) Other cur rent liabilities 2,523 2,013
(c) Provisions 38 30
(d) Current tax liabilities (net) 82 80
10,512 7,714
TOTAL EQUITY AND LIABILITIES 21,194 16,452

Page 2 of 5
 TITAN COMPANY LIMITED
CIN: L74999TZI984PLC001456
3, SIPCOT IND USTRIAL COMPLEX, HOSUR 635 126.
STATEMENT OF CONSOLIDATED AUDITED CASH FLOW FOR THE YEAR ENDED 31 MARCH 2022
~ in Crores
Particulars Year ended
31-03-2022 31-03-2021
(Audited) (Audited)
A. Cash flow front operating activities
Net profit before tax 2,904 1,327
Adjustments for :
- Depreciation and amortisation expense 399 376
- Net unrea lised exchange (gain) (3) (2)
- Share of loss of the associate and joint venture 0 5
- Employee stock compensation expense 2
- Loss/ (profit) on sale/ disposal/ scrapping of property, plant and equipment (net) 3 6
- Provision for doubtful trade receivables (net} and bad trade receivables written off 3 35
- Provision for asset write off at a subsidiary 9 31
- Interest income (96) (61)
- Gain on investments carried at fail' value through profit and loss (87) (35)
- Gain on sale of joint venture (22)
-Gain on pre-closure of lease contracts (20) (13)
- Rent waiver (34) (6 1)
- Finance costs 218 203
Operating profit before working capital changes 3,298 1,789
Adjustments for:
- (increase)/ decrease in trade receivables (207) (59)
- (increase)/ decrease in inventories (5,199) (316)
- (increase)/ decrease in financial assets-loans receivable (3) (8)
- (increase)/ decrease in other financial assets (29) 237
- (increase)/ decrease in other assets (223) (62)
- (increase)/ decrease in other bank balances 1
- increase/ (decrease) in gold on loan 1,188 2,625
- increase/ (decrease) in trade payables 504 195
- increase/ (decrease) in other financial liabilities 179 253
- increase/ (decrease) in other liabilities 510 (192)
- increase/ (decrease) in provisions 59 (52)
Cash generated from operating activities before taxes 78 4,410
-Direct taxes paid, net (802) (271)
Net cash (used in)/ generated from operating activities (A) (724) 4,139

B. Cash flow from investing activities

Purchase of property, plant and equipment, intangible assets and investment property (224) (146)
Proceeds from sale of property, plant and equipment 8 7
Investment in Non convertible debentures (100) (5)
Inter-corporate deposits placed (1,094) (150)
Proceeds from inter-corporate deposits 750 100
Bank deposits (placed)/ matured, net (975) (73)
Proceeds from sale of investment in joint venture 43
Purchase of investments in other equity instruments (153)
Purchases of rn uh.Ial funds, net 2,870 (2,651)
Loan given to Group's franchisees and vendors (34) (97)
Proceeds from loan given to Group's franchisees and vendors 34 94
Lease payments received from subwlease (excluding interest received) 26 28
Interest received 56 49
Net cash generated from/(used in) investing activities (B) 1,164 (2,801)

C. Cash flow from financing activities

Repayment from long tenn borrowings, net (7) (12)
Proceeds/ (repayment) from borrowings, net 349 (550)
Dividends paid including dividend distribution tax (355) (355)
Payment of lease liabilities (excluding interest paid) (172) (114)
Finance costs paid (218) (203)
Net cash used in financing activities (C) (403) (1,234)
Net increase in cash and cash equivalents du.ring the year (A+B+C) 37 104

Cash and cash equivalents (opening balance) 181 75

Add: Unrealised exchange gain 1 2
Cash and cash equivalents (dosing balance) 219 181

Debt reconciliation statement in accordance with Jnd AS 7

Borrowings
Opening balance 172 734
Repayment from long term borrowings, net (7) (12)
Proceeds/ (repayments) from bo1Towings, net 349 (550)
FCTR adjustments 5
Closing balance 518 172
Reconciliation of Lease liability
Opening balance 1,256 1,243
Payments made during the year (172) (114)
Non-cush changes 275 127
Closing balance 1,359 1,256

d----
Page3of5
 TITAN COMPANY LIMITED
CIN: L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR TI-IE QUARTER AND YEAR ENDED 31 MARCH 2022
SEGMENT INFORMATION (Refer note 5)
'tin Crores
Particulars 3 months ended Year ended Year ended
31-03-2022 31-12-2021 31-03-2021 31-03-2022 31-03-2021
(Audited)'° (Unaudited) (Audited)10 (Audited) (Audited)

Segment revenues and profit and loss

a) Sales/ Income from segments

Watches and Wearables 625 710 559 2,317 1,587
Jewellery (refer note 6) 6,843 9,059 6,678 25,523 19,320
Eyecare 134 156 127 517 375
Others 229 134 140 545 457
Corporate (unallocated) 41 35 47 131 91
Total 7,872 10,094 7,551 29,033 21,830
b) Profit/ (Loss) from segments be fore finance costs and taxes
Watches and Wearables (35) 80 38 74 (132)
Jewellery 767 1,288 717 3,055 1,701
Eyecare (7) 34 23 51 23
Others 2 4 (1) (14) (5)
Corporate (unallocated) (13) (5) 4 (44) (57)
714 1,401 781 3,122 1,530
Finance costs 61 57 51 21 8 203
Profit before taxes including share from Associate and Joint V enture. 653 1,344 730 2,904 1,327
c) Segment assets and liabilities

Segment assets
Watches and Wearables 2,276 2,198 1,960 2,276 1,960
Jewellery 15,302 12,030 9,459 15,302 9,459
Eyecare 463 442 414 463 41 4
Others 736 696 661 736 661
Corporate(Unallocated) 2,417 5,245 3,958 2,417 3,958
Total 21,194 20,611 16,452 21,194 16,452
Segment liabilities
Watches and Wearables 915 855 683 915 683
Jewellery 9,9-!9 10,226 7,630 9,949 7,630
Eyecare 268 242 221 268 221
Others 272 278 227 272 227
Corporate(Unallocated) 457 221 189 457 189
Total 11,861 11,822 8,950 11,861 8,950
~

r
~;.y>A;t;,L
(_
<"
::::
'<' 'y

------

Pa,ge 4 of S
 TITAN COMP ANY LIMITED
CIN: L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, H OSUR 635 126.
Notes:
1 Consolid ated audited financial results fo r the quarter and year ended 31 March 2022 can b e viewed on the website of the Company, Nation al Stock Exchange of
India Limi ted (NSE) and BSE Ltd. Information of audited 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:
t in Crores
Particulars 3 months ended Year ended
31-03-2022 31-12-2021 31-03-2021 31-03-2022 31-03-2021
(Audited) (Unaudited) (Audit ed) (Audited) (Audited)
Revenue from operation s 7,276 9,515 7,135 27,210 20,602
Profit before tax 665 1,317 702 2,932 1,233
Net profit for the period (after tax) 491 987 529 2,180 877
Total comprehensive income 511 985 566 2,1 75 1,083

2 The consolidated audited fin ancial results of the Group have been prepa red in accord ance with Indian Accounting Standards (Ind AS) notified under the Companies
(Indian Accounting Standards) Rules, 2015 as amended.

3 During the year ended 31 March 2022, the Group has incorpon!ted the following entities:
TCL N orth America inc., as a w ho lly owned subsidiary of Titan Company Limited.
TE AL USA lnc., as a wholly owned subsidiary of Titan Engineering- & Automation Limited.
4 The consolidated financial results includes results of:
Subsidiaries
Ca ra t{ane T rading Private Limited (formerly known as Cara t Lane Trading Private Limited)
StudioC Inc. (from 11 February 2021)
(Wholly owned subsidiary ofCnratlane Tradi11g Private Limited)
Titan Engineering & Autom ation Limited
TEAL USA Inc. (from 15 April 2021)
(Wholly ow11ed subsidiary of Titan Engineering & Automation Limited)
Favre Leub a A G, Switzerla nd
Titan Watch Co mpany Limited, Hong Kong
(100% Subsidiary of Favre Leuba AG)
Titan H oldings International FZCO (from 15 Octobe r 2019)
Titan Global Retail L.L.C (from 15 December 201 9)
(Subsidinry o/Titnn Holdings Intenwtionat FZCO)
Titan Commodity Trading Limited ( from 10 August 2020)
TCL North America Inc. (from 15 April 2021)
Associate Company
Green Infra Wind Power Theni Limited

5 In the books of Titan Engineering & Automati on Limited {TEA L), it was recently identified that certain receipts, amounting to Rs 1.53 crores were not accounted for
and appear to have b een mi sused for making certain unaccounted payments during FY 2019-20. Fuil inquiry has been initi ated but pending its closure, TEAL
accounts have been consolidated on an unaudited basis at this stage. TEAL has contributed 2.5%, 1.3%, and 0.7% of assets, revenue, and profits respectively to the
consolidated results during FY 2021-22.
6 The Group is structured into four verticals namely Watches and Wearables, Jewellery, Eyecare and Others, where "Others" include Aerospace & Defence,
Automa tion Solutions, Accessories, Fragrances and Indian dress w ear. Accordingly, the Group has presented its segment results under these btL'-iness segments in
the maMer consistent with the internal reporting to the chief operating decision maker (CODM).

7 During the quarter and yea r ended 31 March 2022, the Group sold gold-ingots aggrega ting :t: 375 crores (previous quarter ended 31 March 2021 :t: 25 crores) and :t:
1045 crores (previous year~ 1357 crores) to various customers dea ling in bullion, which is disclosed as othe r operating revenues.

8 During the quarter and year ended 31 March 2022, the Group had announced Voluntary Re tire ment Scheme (VRS) to its employees. The expenses incurred for the
qua rter and year amounting to { 54 crores is disclosed as exceptional items during the year.

Profit / (loss) from segments b efore exceptional items, finance costs and taxes are as below for the quarter and year ended 31 March 2022 and year ended 31 March
2021 is given below:

Segment Quarter ended Quarter ended Quarter ended Year ended Year ended
31-03-2022 31 -12-2021 31-03-2021 31-03-ZOZZ 31-03-ZOZl

Watches and Wearables (9) 80 38 100 (132)

Jewellery 780 1,288 717 3,068 1,701
Eyecare (3) 34 23 56 23
Others 6 4 (I ) (10) (5)
775 1,406 m 3,214 1,587
Corporate (Unallocated) (7) (5) 4 (38) (57)
Profit before exceptional items, finance costs and taxes 768 1,401 781 3, 176 1,530

9 Titan has a practice of sharing its success & prosperity with its people. To reward an excellent performance amidst challenging times, Titan has announced an Ex-
Gratia of Rs 82 crore. The same has been provid ed in the books of accounts during the quarter.
10 The above results of the Group have been aud ited by the statutory auditors and have issued an unqualified audit opinion on the same. The figure fo r the quarters
end ed 31 March 2022 and 31 March 2021 are the balancing figure between the audited figures of the full financial year and the unaudited year to date figure upto the
third quarter of the respective financial years. Also, the figures upto the end of the thi rd quarter were only reviewed and not subjected to audit.

11 The Consolidated audited financial results of the Group for the quarter and year ended 31 March 2022 have been reviewed by the Audit Committee of the Board on 2 May 2022
and approved by the Board of Directors at their meeting on 3 May 2022.

12 The Board of Directors at its meeting held on 3 May 2022, has recomended a final div idend of t 7.50 per equi ty share. The same is subject to shareholders' approval in the
Annual C,ener.i.l Meeting.

for and on behA ard of Dfrectors

Place: Bengalu.ru
Date: 3 May 2022
CY~~ CK Ven.kataraman
Managing Director
, .-