TIT/\N

COMP/\NY

SEC 55 / 2022-23 4th November 2022

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 - 400 051
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 30th September 2022

We enclose the Unaudited Financial Results (standalone and consolidated) for the second quarter
and half year ended 30th September 2022, 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 2022 issued by the Company’s statutory auditors M/s
B S R & Co. LLP, Chartered Accountants.

The Board meeting commenced at 10:00 a.m. and the results were approved by 3:20 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 TITAN COMPANY LIMITED
DINESH Digitally signed by
DINESH SHIVANNA
SHIVANNA SHETTY
Date: 2022.11.04
SHETTY 15:28:54 +05'30'
Dinesh Shetty
General Counsel & Company Secretary

Encl. As stated

Titan Company Limited

`INTEGRITY` #193 Veerasandra Electronics City P.O. Off Hosur Main Road, Bangalore 560100 India. Tel: 9180 6704 7000 Fax: 9180 6704 6262
Registered Office 3, Sipcot Industrial Complex Hosur 635 126 TN India. Tel-91 4344 664 199 Fax 91 4344 276037, CIN: L74999TZ1984PLC001456
www.titancompany.in
A TATA Enterprise
 ,.... ,,...."""'- ........
COMPANY

PRESS RELEASE

Titan records Revenue growth of 18% and PBT growth of 33%

in Q2 FY 2022-23

Bengaluru, 4th November 2022: Titan Company recorded a growth of 18% in revenues during the
quarter compared to Q2 of FY22. Total income for the quarter was~ 8,308 crores compared to~ 7,028
crores of Q2 FY22 (excluding bullion sale). The Company also recorded profits of~ 1,155 crores (before
taxes) for the quarter in comparison to~ 868 crores in Q2 FY22, a growth of 33%.

Jewellery business registered an income of~ 7,203 crores in Q2 FY23 compared to~ 6,106 crores in
Q2 FY22 (excluding bullion sale), a growth of 18%. Watches & Wearables business reported an income
of~ 829 crores with 21% growth in Q2 FY23 compared to~ 687 crores in Q2 FY22. The Wearables
segment (included above) grew impressively by 246% to , 88 crores during the quarter. EyeCare
business reported a quarterly income of, 167 crores with 4% growth in Q2 FY23 compared to, 160
crores in Q2 FY22. Other businesses comprising Indian dress wear and Fragrances & Fashion
Accessories reported an income of , 73 crores in Q2 FY23 compared to ~ 46 crores in Q2 FY22, a
growth of 59%.

Jewellery business reported an EBIT oM 1,103 crores in Q2 FY23 compared to~ 793 crores in t he same
quarter of the previous year. Watches & Wearables business reported an of EBIT, 123 crores in Q2
FY23 compared to~ 92 crores in the same quarter of the previous year. EyeCare business reported a
lower EBIT of~ 28 crores in the quarter compared to~ 37 crores in the same quarter of t he previous
year as the business invested on advertisement and paid higher rentals on the network expansion.
Other businesses reported a loss of, 18 crores as compared to a loss of, 1 crore in the same quarter
of the previous year as they have been investing in building the brands and scale.

The Company has added (net) 105 stores during the year. The Company's retail chain (including
Caratlane) has 2,408 stores across 382 towns with an area exceeding 3 million sq. ft. as on September
2022.

Of the key subsidiaries of the Company,

• Caratlane Trading Private Limited reported a revenue of , 445 crores and a profit of ~ 19 crores
(before taxes) for the quarter compared to revenue of~ 288 crores and a profit of~ 10 crores in the
same quarter of the previous year registering a revenue growth of 55%.
• Titan Engineering & Automation Limited (TEAL) reported a revenue of, 123 crores and a profit of,
13 crores (before taxes) compared to a revenue of~ 51 crores and loss of~ 1 crore in the same quarter
of the previous year.

Titan Company limited

' INTEGRITY' No.193, Veerasandra, Electronics City P.O Off Hosur M ain Road, Bengaluru - 560 100 India, Tel: 9180 - 67047000, Fax: 9180 - 67046262
Registered Office No. 3, 5IPCOT Industrial Complex Hosur 635 126 TN Indi a, Tel 914344 664199, Fax 914344 276037, CIN: L74999171984PLC001456
www.titan.co.in
A TATA Enterprise
 -.-.-.-~ ........
COMPANY

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

"The Company has continued its strong performance into Q2 across all business segments. Despite an
uncertain macro environment, the current festive season starting from end of September mont h and
continuing till end of October has been quite positive and the consumer confidence remains upbeat.
We have clocked a retail growth of 17-19% in larger business divisions of the Company namely -
Jewellery, Watches & Wearables and EyeCare over similar fest ive season timeline of the previous year.
We remain relentlessly focussed in executing our growth plans in India and overseas and are optimistic
about our performance in the remaining quarters of the current financial year."

About Titan
Titan Company Limited ("Titan"), a joint venture between the Tata Group and the Tamil nadu Industria l
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.t itancompany.in

Facebook: https://www.facebook.com/TitanCompanyLimited/
Twitter: https://twit ter.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:

i n vestor- r e lations @tita n .co. in corpcom [email protected]. in
[email protected]

ri

Titan Company limited

' INTEGRITY' No.193, Veerasandra, El ectronics City P.O Off Hosur Main Road, Bengaluru - 560100 India, Tel: 9 1 80 - 67047000, Fax: 9180 - 67046262
Regist ered Office No. 3, SIPCOT Industrial Com plex Hosur 635 126 T N India, Tel 914344 664199, Fax 914344 276037, CIN: L74999T21984PLC001456
www .titan.co.in
A TATA Enterprise
 BS R & Co. LLP
Chartered Accountants
Embassy Golf Links Business Park, Telephone: + 9 1 80 4682 3000
Pebble Beach , B Block, 3,• Floor, No. 13/2, Fax: + 91 BO 4682 3999
Off Intermediate Ring Road ,
Bengaluru-560 071 Ind ia

Limited Review Report on unaudited standalone financial results of Titan

Company Limited for the quarter ended 30 September 2022 and year-to-date
results for the period from 1 April 2022 to 30 September 2022 pursuant to
Regulation 33 of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015

To the Board of Directors of Titan Company Limited

1. We have reviewed the accompanying Statement of unaudited standalone financial results of Titan
Company Limited ("the Company") for the quarter ended 30 September 2022 and year-to-date results
for the period from 1 April 2022 to 30 September 2022 ("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 Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015. 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 Securities and Exchange Board of India (Listing Obligations
and Disclosure Req_ uirements) Regulations, 2015 including the manner in which it is to be disclosed,
or that it contains any material misstatement.

For B S R & Co. LLP

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

R-lt::. Partner
h

Bengaluru Membership No.: 2 18495

04 November 2022 UDIN:22218495BCACEG8721

Registered Office :

BS R & Co (a partnership fim, wilh Regislralion No BA6 1223) converted into BS R & Co LLP (a 141h Floor, Cenlra1 B Wing and North C Wing, Nesco IT Park 4, Nesco
Limited Liability Partnership with LLP Regislralion No AAB-8181) wilh effect from October 14, 2013 Center, Westem Express Highway, Goregaon (East), Mumbai - 400063
 TITAN COMPANY LIMITED
CIN, L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635126.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2022
PART! , in crores except earnings per share
Particulars 3 months ended 6 months ended Year ended
30-09-2022 30-06-2022 30-09-2021 30-09-2022 30-09-2021 31-03-2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
I. Revenue from op~rations
- Sale of products/ services 8,134 8.493 6,921 16,627 9,701 25,831
- Other operating revenue (refer note 3) 596 468 249 1,064 718 1,379
ll. Otht"r income 60 44 50 104 115 246
Ill. Total income (I +II) 8,790 9,005 7,220 17,795 10,534 27,456
IV. Expenses:
Cost of materia ls and components consumed 6,95, 4,449 4,726 11,401 7,740 20,939
Purchase of stock-in-trade 1,581 1,232 984 2,813 1,492 4,187
Changes in inventories of finished goods, stock-in-trade and work-in (2,120) 1,096 (285) (1,024) (1,248) (4,468)
progress
Employee benefits expense 325 324 271 649 539 1,143
Finance costs 50 55 45 l05 89 195
Depreciation and amortisation expense 89 87 91 176 174 347
Advertising 173 171 109 344 146 474
Other expenses 585 525 411 1,110 652 1,656
IV. Total expenses 7,635 7,939 6,352 15,.574 9,584 24,473
V. Profit before exceptional item and tax (III - JV) 1,l55 1,066 868 2,221 950 2,983
VI. Exceptional item (refer note 4) 51
VIL Profit before tax (V - VI) 1,155 1,066 868 2,221 950 2,932
VIJI. Tax expense:
Current tax 297 272 229 569 250 779
Deferred tax chargc/(credit)"" 1 I (2) 2 (2) (27)
VIII. T otaJ tax 298 273 227 571 248 752
IX. Profit for the period (Vil-VIII) 857 793 641 1,650 702 2,180
X. Other compreh ensive income
(i) Items that will not be reclassified to the statement of profit and
loss
- Remea surement of employee ddined benefit plan" (34) (2) (18) (36) (!8) 9
- (ncome-tax on (i) above'" 8 1 5 9 5 (2)

(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) (15) (16)
instruments in a cash flow hedge
- income-tax on (ii) above 13 4 4
X. Total other comprehensive <loss)/ income (26) (1) (50) (27) (24) (5)

XI. Total cumprehensive income (]X+X) 83l 792 591 1,623 678 2,175

XU. Paid up equity share capital (face value t J per share): 89 89 89 89 89 89

XIII. Other equ;l),,
9,284
XIV. Earnings per equity share of ~ I :
!based on net profit for the period {IX)!
Basic and d iluted (not <:mnualised) 9.66 8.93 7.22 18.59 7.91 24.56

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

See accompanying notes to the standalone- unaudited financial rl.'sults
 TITAN COMP ANY LIMITED
CIN, L74999TZI984PLC001456
3, SIPCOT INDUSTRIA L COMPLEX, HOSUR 635126.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL STATEMENT OF ASSETS AND LIABILITIES FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022

BALANCE SHEET
t in crores
Particulars A sat As at
30-09-2022 31-03-2022
(Unaudited) (Audiled)
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 1,018 1,012
(b) Capita l work-in-prog ress 70 60
(c) Right-of-use assets 947 877
(d) lnl'estment property 1 1
(el Intangible assets 33 35
(f) in tangible assets under development 10 11
(g) Financia l assets
(i) Investments 945 869
(ii) Loons recC'ivable 48 40
(iii) Other financial assets 548 508
(h) Deferred tax assets (net) 134 136
(i) Income t.'.lx assets (~t) 135 135
(j) O ther non-current assets 95 74
3,984 3,758
(21 Current assets
(a) Inventories 13,511 12,787
(b) Financla l assets
(i) I nvestments 559 15
(ii) Trade receiva bles 804 495
{iii) Cash and cash equivalents 165 117
(iv) Bank bahmces otht>r than (iii) above 548 932
(v) Loans receivable 326 419
(vi) Other financial asset:, 890 762
(c) Other current assets 1,030 852
17,833 16,379
TOTAL ASSETS 21,817 20,137
EQUITY AND LIABILITIES
Equity
(d) Equ ity share capital 89 89
(b) Other equ;ty 10,242 9,284
TOTAL EQUITY 10,331 9,373
Liabilities
(1) Non-current liabilities
(a) Fina ncial liabilities
(i) Lease liabilities 1,125 1,026
(b) Provisions 221 179
1,346 1,205
(2) Current liabil ities
(a) Fim:incial liabilities
(i) Borrowings 225
(ii) Gold on lo.1n 5,156 5,161
(iii) Lease liabilities 220 193
(iv) Trade p.lyabks
-Total outstanding dues of m icro and s mall enterprises 207 198
- Tota l outstanding dues of c reditors oth("r lhan m icro ,lnd s m.lll t'ntc-rpriSk'S 1,0 27 857
(v) O ther financial liabilities 266 429
(b) Other current liabilitie s 3,024 2, 386
{c) Provisions 37 30
(d) Current tax liabilities (net) 203 80
10,140 9,559
TOTAL EQUITY AND LIABILITIES 21,817 20,137

rl--
 TITAN COMPANY LIMITED
ON: l74999TZ1984PlC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.
STATEMENT OF STANDALONE UNAUDITED CASH FLOWS FOR T HE SIX MONTHS ENDED 30 SEPTEMBER 2022
tin Crores
Particulars 6 months ended Asal
30-09-2022 30--09-2021 31-03-2022
(Unaudited) (Unaudited) (Audited)

A. Cash flow from operating activities

Net profit before tax 2,221 950 2,932
Adjuslmentsfar:
-Depreciation an d amortisa tion expense 176 174 347
-Net unrealised exchange gain (5) (I) (1)
-Loss on sale/ disposal/ scrapping of property, plant and equipment (net) 2 2 3
-Provision for doubtful trade receivables (net) and bt1d trade receivables written off 7 0
-Interest income (63) (33) (92)
-Gain on investments carried at fair value through profit and loss (21) (39) (86)
-Dividend Income (0) (24) (24)
-Gain on pre-closure of lease contracts (4) (9) (20)
-Rent waiver (2) (19) (30)
-Finance costs 105 89 195
Operating profit before working capital changes 2,416 1 ,090 3,224
Ad1ustmt•11ts fr.1r:
- (increaSC')/ decrease in trade receivables (309) (216) (204)
- (increase)/ decrease m inventories (724) (1,932) (4,803)
- (increase)/ decrease in finoncial assets-loons receivables (9) (4) (1)
- (in crease)/ decrease mother financial assets (140) (371) (511)
- (increase)/ decrease in other assets (178) (64) (185)
- (increase)/ decrease in other bank balances (1)
- increase/ (decrease) in gold on loan (5) 633 1,067
- increase/ (decrease) in trade payables 181 239 362
-increase/ (decrease) in other finan cial liabilities (155) (20) 189
- increase/ (decrease) in other current liabilities 639 515 481
- incre.ise/ (decre.ise) m provisions 12 22 51
Cash generated/ (used) from opera.ting activities before taxes 1,728 (109) (330)
-Direct taxes paid. net (437) (288) (796)
Net cash generated/ (used) from operating activities 1,291 (397) (1,126)

8. Cash flow from i nvesting activities

Purch.ise of property, plant and equipment, int,mgible assets and investment property (135) (66) (173)
Proceeds from sale of p roperty, plant and equipment 7 I 6
Purchase of investments in subsidiaries and other equity instruments (3) (7) (169)
lnvt.--stment in Non convertible debentures and government securities (105) (100)
inter-corporate deposits placed (520) (594) (I,094)
Proceeds from in ter-corporate deposits 614 450 750
Bank deposits matured/ (placed), net 384 25 (568)
Investment in commercial papers (221)
(Purchase)/ sale of mutual funds, net (260) 1,010 2,815
Loan given to Company's franchisees and vendors (32) (34)
Proceeds from lo.10 given to Company's franchisees and vendors I 1 34
Lease payments received from sub-lease {excluding interest received) 7 11 21
Dividend received from subsidiary 24 24
Interest received 76 32 52
Net cash (used in)/ from investing activities (155) 855 1,564

C. C as h flow from financing activities

(Repayment)/ proceeds from borrm-vings, net (225) 25 225
Dividends paid (including dividend distribution tax as applicable) (666) (354) (355)
Payment of lease liabilities (excluding interest paid) (92) (62) (143)
Finar,ce costs p.iid (105) (89) (195)
Net cash used in financing activities (C) (1,088) 1480) (468)

Net cash generated/ (used) during the year (A+B+C) 48 (22) (30)

Cash and Cilsh equivalents (opening balonce) 117 147 147

Add/ (less): Unrealised exchange (gain)/ loss
Cash and cash equivalents (cl()Sing balance) 165 125 117

Debt reconciliation st.itcment in accordance with Ind AS 7

C11rrent borrou,inss
Opening bal.ince 225
Proceeds/ (Repayment) from borrowings, net (225) 25 225
Closing balance 25 225

Reconciliation of Lease liability

Opening b.J.l,:mce 1,219 1,149 1,149
Payments made during th t' ye.ir (92) (62) (143)
Non•cash changes 218 35 213
Clos ing b;iJ3nc(• 1,345 1,122 1,219

n
 TITAN COMPANY LIMITED
ClN: L74999TZ1984PLC001456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.
STATEMENT OF STANDALONE UNAUDITED FI NANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS END ED 30 SEPTEMBER 2022

SEGMENT INFORMATION (Refer note 2)

tin crores
Particulars 3 months ended 6 months ended Year ended
30-09-2022 30-06-2022 30-09-2021 30-09-2022 30-09-2021 31-03-2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

Segment revenues and profit and loss

a) Sales/ Income from segments

Watches and Wet1rables 829 785 687 1,614 979 2,309
Jewellery (refer note 3) 7,685 7,956 6,298 15,641 9,189 24,313
Eyecare 167 183 160 350 227 517
Others 73 56 46 129 60 154
Corponite (unallocated) 36 25 29 61 79 163
Total 8,790 9,005 7,220 17,795 10,534 27,456

b) Profit from segments before finance costs and taxes

Watches and Wearnbles 123 ·103 92 226 36 108

Jewellery 1,103 1,027 793 2,1 30 1,000 3,027
Eyecare 28 36 37 64 24 so
Others (18) (10) (I ) (28) (17) (36)
Corporate (unallocated) (31) (35) (8) (66) (4) (22)
1,205 1,121 913 2,326 1,039 3,127
Finance costs 50 55 45 105 89 195
Profit before taxes 1,155 1,066 868 2,221 950 2,932

c) ~gment assets and liabilities

Segment assets
\\latches and Wearables 2,692 2,405 2,217 2,692 2,217 2,256
Jewellery 14,833 12,490 10,913 14,833 10,913 14,038
Eyecilre 561 496 431 561 431 463
Others 302 257 162 302 162 210
Corporate (unnllocated) 3,429 5,083 3,852 3,429 3,852 3,170
Total 21,817 20,731 17,575 21,817 17,575 20,137

Segment liabilities
Watches and Wearables 1,001 917 781 1,001 781 905
Jewellery 9,649 8,947 8,460 9,649 8,460 9,040
£yecarc 316 275 21 7 316 2 17 269
Others 157 122 73 157 73 93
Corpur.Jtc (unallocated) 363 306 169 363 '1 69 457
Total 11,486 10,567 9,700 11,486 9,700 10,764

d--
 TITAN COMPANY LIMITED
.-1.-/'\..r,..J
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) Ru lt>s, 2015, as amended.
The financfol results for the quarter and six months ended 30 September 2022 can be viewed m1 the website of the Company, National Stock Exchange of India Limited
(NSE) and BSE Ltd.

2 The Company is structured into four verticals namely Watches tmd wearu.bles, Jewellery, Eyecare and Others, where "Others" include Accessories, Fragrances and Indian
Dress Wear. Accordingly, the Compan y has presented its segment results under these businc-ss segments.

3 During the quarter and six months l'nded 30 September 2022, the Company sold gold-ingots aggregating ? 482 crores (previous quarter ended September 2021 t 192 crores
) nnd t 838 crores (previous year ended September 2021 :{ 616 crores ) respectively to various customers dealing in bullion, which is disclosed as other operating revenues
During the qut1rter ended 30 June 2022, the Company sold gold-ingots aggregating :{ 356 crores to various customers dealing in bullion, which is disclosed as other
operating revl.'nues. During the year ended 31 March 2022, the Company sold gold-ingots aggregating :{ 1045 crores to various customers dealing in bulHon, which is
disclosed os other operating revenues.

4 During the year ended 31 March 2022, the Company had annOlmced Voluntary Retirement Scheme (VRS) to some employct•s. The tc>xpenses accrued for the year
amounting tot 51 crores is disclosed as exceptional items during the year.

5 The statutory auditors have carried out limited review of the standalone unaudited financial results for the quarter and six months ended 30 September 2022 and have
issued an unmodified review report.

6 The standalone unaud ited financial results of the Company for the q uarter and six months ended 30 ~pttc"mber 2022 have been reviewed by the Audit Committetc> of the
Board on 3 November 2022 and approved by the Board of Directors at their meeting on 4 November 2022.

Place: Beng.iluru CK Venkatara.m an

Date: 4 November 2022 Managing Director

rJ-_
 BS R & Co. LLP
Chartered Accountants
Embassy Golf Links Business Park, Telephone: + 91 80 4682 3000
Pebble Beach, B Block, 3,d Floor, No. 13/2, Fax + 91 80 4682 3999
Off Intermediate Ring Road,
Bengaluru-560 071 India

Limited Review Report on unaudited consolidated financial results of Titan

Company Limited for the quarter ended 30 September 2022 and year-to-date
results for the period from 1 April 2022 to 30 September 2022 pursuant to
Regulation 33 of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended

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 2022 and year-to-date results for the period from 1
April 2022 to 30 September 2022 ("the Statement"), being submitted by the Parent pursuant to the
requirements of Regulation 33 of the Securities and Exchange Board of India (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 Information Performed by the Independent Auditor of the
Entity", issued by the Institute of Chartered Accountants of India. 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 Securities and Exchange
Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
4. The Statement includes the results of the entities mentioned in Annexure I to the Statement.

Registered Office

8 SR & Co (a partnership finn INith Registration Nor BA61223) converted into BS R & Co LLP (a 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Li mi led Liability Partnership with LLP Regis1ration No AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063
8 SR & Co. LLP

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 B S R & Co. LLP

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

R. J,~
:r~n Ramesh
Partner
Bengaluru Membership No.: 218495
04 November 2022 UDIN :22218495BCADOH2342
BS R & Co . LLP

Annexure I
List of entities included in unaudited consolidated financial results .

Sr. No Name of component Relationship

1 Titan Company Limited, India Parent

2 Titan Engineering & Automation Subsidiary

Limited, India

3 TEAL USA Inc., USA Subsidiary of Titan Engineering

& Automation Limited

4 Caratlane Trading Private Subsidiary

I
Limited, India

5 StudioC Inc., USA Subsidiary of Caratlane Trading

Private Limited

6 Favre Leuba AG, Switzerland Subsidiary

7 Titan Watch Company Limited, Subsidiary of Favre Leuba AG,

Hong Kong Switzerland

8 Titan Holdings International Subsidiary

FZCO, Dubai

9 Titan Global Retail L.L.C, Dubai Subsidiary of Titan Holdings

International FZCO, Dubai

10 Titan Commodity Trading Subsidiary

Limited, India

11 TCL North America Inc., USA Subsidiary

12 Green Infra Wind Power Theni Associate

Limited, India
 TITAN COMPANY LIMITED
CIN : L74999TZ1984PLC00H56
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.

STATEMENT OF C ONSOLIDATED UNAUDITED FI NANCIAL RESULTS FO R THE QUARTER AND S IX MONTHS ENDED 30 SEPTEMBER 2022
PART! f in crorcs except c.lm.in~ per s h ..1rc
Particulars 3 months end ed 6 months ended Year ended
30-09-2022 30-06-2022 30-09-2021 30--09-2022 30-09-2021 31-03-2022
(Unaud ited ) (Unaudited) {Unaudited) (Unaudited) (Unau dited) (Audited)
L RcvC'nuc from opcr3tions
- Sale of products/ services 8,567 8,975 7,243 17,542 10,247 27,417
~ Other operating revenues (refer note 5) 596 468 250 1,064 719 1,382
IT. Other income 61 44 55 l05 IOI 234
III. Total income (I +II) 9,224 9,487 7,548 18,711 11,067 29,033
IV. Expenses:
Cost of materials and components consumed 7,479 4,850 4,955 1 2,329 8,126 22,108
Purchase of stock-jn-trade 1,634 1,290 1,009 2,924 1,550 4,328
Chan)?;CS in inventories of finished goods, stock~in-t radc and worbAn-progr.ess (2,483) 898 (346) (1,585) (1,363) (4,795)
Employee benefits expense 392 387 317 779 630 1,349
Finance costs 60 65 51 125 100 218
Depreciation and ,1mortisation expense 106 103 10-! 209 199 399
Advertising 224 218 135 442 184 590
Other expenses 670 604 455 1.274 734 1,878
JV. Total expenses 8,082 8,415 6,680 16,497 10,160 26,075
V. Profit before share of profit/(loss) of an .-.ssociate and
exceptional item and tax (Ill - IV) 1,142 1,072 868 2,214 907 2,958

VT. Share of profit/ (loss) of:

· Associate"' 0 0 0 0 0 u
Vil P rofit before ex<"eptional item and tax {V - VI) 1,142 1,072 868 2,214 907 2,958
Vlll. Exceptional item (refer note: 6) 54
IX. Profit before tax (Vn - Vin) 1,142 1,072 868 2,214 907 2,904
X. Tox expense:
Current tax 300 272 229 572 250 786
Deferred tax charge/(crcdit)"' 7 JO (2) 17 <2) (801
X. Total tax 307 282 227 589 248 706
XI. Profit for the period (IX-X) 835 790 641 1625 659 2 198

xn. Other comprelwnsive income

(i} lt<>ms that will not bf' rE>classified to the- staf('ment of pn:ifit and loss
- Re.me;isurcmcnt of employee dciin«I benefit plans"' (37) (2) (20) (39) (20) 9
- Income-tax on (i) abo\'c'" 9 ·1 5 10 5 (1)
(ii} Items that will be reclassified to th<' st.J tC'mmt of profit ,md loss
- Effective portion of gain or (loss) on designale,l portion of heJging (3) 3 (50) (15) (19)
instrument'> in a C.lSh flow hc<igc
- Exchange diffcrcnct..•s in tr,mslaling thC' financi,ll statements !.>f foreign 1 (3) (2) (2) (SJ
operations
- income-tax on (ii) obovc"' 0 0 IJ 0 4 4
XU. Total other comprehensive income/(loss) (301 (1) (54) (31) (26) (12)
XIII. Total comprehensive income (XI+Xll} 805 789 587 1.594 633 2186
Profit for lhe period :tttributablt" to :
- Owners of the Group 831 785 639 1,61 6 659 2,I73
- Non-controlling interest 4 5 2 9 25
835 790 641 1,625 659 2,198
Other comprehensive mcomc for the period nllributable to:
- Owners of the Group (30) (!) (54) (31) (26) (12)
- Noo-rontrnllin_g: interest "' 0 0 0 0 0 0
(30) (1) (54) (31) (26) (U)
Total comprehensh•e income for the period attributable to:
- Owners of the Croup 801 784 585 1,585 633 2,161
- Non-control ling inter(.'St 4 5 2 9 0 25
805 789 587 1,594 633 2186

XIV. PJid up equity share c.1pital (face vJ.luc t 1 per share}: 89 89 89 89 89 89

XV. Oth(•r<'quity:
9,214
XVI. Eamings per equity share of~ I:
(b.Jscd on net profit for the penod (XI)}
Basic ,md diluted (not annualised) 9.36 8.84 7.20 18.20 7.42 24.48

.ltt'ms not presented due to roundmg off to the nearest~ ,·rore.

See .>.ccomp.inring no lcs to the con$0lidotE:d unaudited fin,mci.>.I resu lts

cL__
 ♦ TITAN COMPANY LIMITED
· ••-"'~
r.O MPI\NV
CIN, L74999TZ!984PLOJ01456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.

STATEMENT O F CONSOLIDATED UNAUDITED STATEMENT O F ASSETS AND LIABILITTES AS AT SIX MONTHS ENDED 30 SEPTEMBER 2022

BALANCE SHEET
~inCrorc-S
ParticuJars As.it Asal
30-09-2022 31-03-2022
(Unaudited) (Audited)
ASSETS
(1) Non-curren t assets
(a) Property, plant and equipment 1,232 1,218
{b) Capital work-in-progress 76 69
(c) Right-of-use asset 1,067 973
{d) Investment property 1 1
(e) Goodwill 123 123
{f) Other intangible assets 229 229
{g) IntJngible 0:ssets under de,,elopment 17 16
(h) Financi.1.l assets
(i) Investments 341 279
(ii) Loans receivables 50 -12
{iii) Other fin,mcial assets 629 382
(i) Dl::'ferred tax asset (net) 170 187
(j) Income tax assets (net) 143 137
(k) Other non-current ;issets 128 84
4,206 3,740
(2) Curcent assets
(a) lnvcntorics 14,967 13,609
(b) Financial assets
{i) lnveshnents 559 15
(ii) Trade receivables 713 565
(iii) Cash and cash equivalents 268 219
(iv) Bank b.1lanccs Mhcr than (i ii) above 795 1,354
(v) Loans receivable 332 423
(vi) O ther financial assets +14 291
{c} Other current assets 1,196 978
19,274 17,454
TOTAL ASSETS t=====2=3=,4=80=p===2=1=
,1=94=i
EQUITY AND LIABIL!TfES
Equity
(a) Equity share c,:1.pital 89 89
(b) Other equity 10,137 9,214
Equity attributable to the equity holden; of the Company 10,226 9,303
Non-controlling interest 39 30
Total Equity 10,265 9,333
Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 2
(ii) Lease liabilities 1,266 1,138
(iii) Other financial liabilities -I 4
(b) Provisions 2H 198
(c) Deferred tax liability (net) b 6
(d) Other non-currenl liabilities 1 1
1,521 1,349
(2) Current liabilities
(a) Financial liabilities
(i) Borrowings 713 516
(ii) Gold on loan 5,435 5,398
(iii) Lease liabilities 2-19 221
(iv) Trade payables
- Total outstanding dues of micro and s mall e nterprises 276 242
-Total outstanding d ues of creditors other lh,1n micro nnd small enterprises 1,288 1,052
(iv) Oth er financial liabilities 288 440
(b) Other current liabilities 3,194 2,523
(c) Provisions 46 38
(d) Current tax liabilities (net) 205 82
11,694 10,512
TOTAL EQUITY AND L! ABILITTES 23,480 21,194
 TITAN COMPANY LIMITED
CIN, L74999TZ1984PLCU01-!56
3, SLPCOT INDUSTRIAL COMP LEX, HOSUR 635 126.
STATEMENT OF CONSOLIDATED UNAUDITED STATEMENT OF CASH FLOW FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
tin Crores
Particulars 6 months ended Year ended
30-09-2022 30-09-2021 3 1-03-2022
(Unaudited) (Unaudited) (Audited)
A . Cash flow from opcr.1.ti.ng activjtics
Net profit before tax 2,214 907 2,904
Adjustments for :
- Depreci<1tion and amortiSdtion expense 209 199 399
- Net u.nrealised exchange (gain) (3) (3)
- Share of loss of the assocbte (1) 0 0
- Employee fitO<:k compensation expense 1 0 2
- loss on sale/ disposal/ saapping of property, plant and equipment {net) 2 2 3
- Provision for doubtful trade receivables (net) and bad trade receiv.ibles written off 10 5 3
- Provision for asset write off at a subsidiary 9
- Interest inco me (65) (28) (96)
- Gain on investments carried at fair vc1lue thro ugh profit and loss (21) (40) (87)
-Gain on pre-closure of lease contracts (4) (9) (20)
- Rent waiver (2) (22) (34)
- finance costs 126 100 218
Operating profit before working capital changes 2,469 1,111 3,298
Adj1tst111c11ts for:
- (increase)/ decrease in trade receivables (158) (179) (207)
- (increase)/ d ecl'ease in inventories (1,356) (2,078) (5,199)
- (increrlse)/ decrease in financial assets-loJns receivable ( 11) (4) (3)
- (increase)/ decrease in other finJncii\l assets (356) (146) (29)
- (increase)/ dccre,1se in other assets (238) (85) (223)
- (increase)/ decrease in oth<?r bank balances (1) 1
-increase/ (decrease) in gold on loan 37 646 1,188
- incre,ase/ (decrease) in trade payables 270 321 504
- increase/ (decrease) in other financial liabilities (137) (57) 179
- increase/ (decrease) in other liJbilities 671 539 510
- increase/ (decrease) in provisions 15 25 59
Cash generated &om operating activities before taxes 1,206 92 78
-Direct taxes paLd, net (H5) (293) (802)
Net cash generated from/(used in) operating activi ties (A) 761 (201) (724)

B. Cash flow from investing activities

Purchase of propl'rty, plant nnd l"qu.ipment, intangible assets and invcstmt·nt prop('rty (174) (91) (224)
Proceed s from s ..1le of property, pbnt and equipment 8 4 8
investment in Non convertible debentures and govemrncnl securjti~s (105) (100)
Investment in commercial paper (221)
lnte:-~corporate deposits placed (520) (594) ( 1,094)
Proceeds from inter-corporate deposits 6H 450 750
Bank deposits (placed)/ matured, net 560 (176) (975)
Purchase of investments in o ther equity instruments ( 153)
Purchases of mutual funds, net (259) 1,029 2,870
Loan given to Group's franchisees and vendors (32) (34)
Proceeds from loan g iven to Croup's fr.mchiscc$ .lnd vendors 1 34
Lease pa)rmcnts received from sub-lca~c (excluding interest received) 12 16 26
Interest received 78 29 56
Net cash (used in)/gcncratcd from investing activities (B) (7) 636 1,164

C. C:ash Oow from fin:ancin5 .ictivities

Repayment from long lerm borrowings, net (2) (3) (7)
ProcL'Cds/ (repayment) from s hort term borrowings, net 197 75 349
Dividends p,lid including dividend distribution tax (666) (354) (355)
Paymenl of lease Ji.Jbilities (excluding interest p.Jid) (108) (82) (172)
Finance costs paid (126) (100) (218'
Net cash used in financing activities (C) (705) (464) (403)
Net increase/(decrease) in cash and cash equivalents during the year {A+B+C) 49 (29) 37

Cash an d cash equivalents (opening balance) 219 181 181

Add: Unrealised exchange gain 1 1
Cash and cash equivalents (closing balance) 268 153 219

Debt reconciliation statement in accordance with Ind AS 7

Borrowings
Opening bal ance 518 172 172
Repayment th;im long tcm1 borrowings, net (2) 72 (7)
Proceeds/ (rcpaymcms) from short 1cm1 borrowings, net 197 349
FCTR adjustments 4
Closing balance 713 244 518

Reconciliation of Lease liability

Opemng b;ilance 1.359 1,256 1,256
Payments 01Jde during the yc.-ar (108) (82) (172)
Non-c.1sh ch-ingcs 264 62 275
Closing balan«- 1,515 1,236 1,359

()
 TJTAN COMPANY LIMITED
ON, L74999TZ1984PLCOOU56
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND S IX MONTHS ENDED 30 SEPTEMBER 2022
SEGMENT INFORMATION (Refer note 4)
~ in Crores
Particulars 3 months ended 6 months ended Ytar e nd ed
30-09-2022 30-06-2022 30-09-2021 30-09-2022 30-09-2021 31-03-2022
(Un audited) (Unaudited) (Unaud ited) (Unaudite d) (Unaudi ted) (AudHed )

Segment revenues .ind profit and loss

a) Sales/ Income from segments

Watches ond Wearables 830 786 689 1,616 982 2,317
Jewellery (refer note 5) 7,997 8,351 6,571 16,348 9,621 25,523
Eyccarc 167 183 160 350 227 517
Olhers 196 144 99 340 182 545
Corporat e (unallocated) 34 23 29 57 55 131
Tota) 9,224 9,487 7,548 18,711 11,067 29,033
b} Profit/ (loss) from ~gments before fin,mce costs and taxes
Watches and Wearables 122 98 90 220 29 74
Jewellery 1,088 1,052 803 2,140 1,001 3,055
Eyecare 28 36 37 64 24 51
Others (2) (lb) (3) (18) (20) (14)
Corporate (unallocated) (34) (33) (8) (67) (27) (44)
1,202 1,137 919 2,339 1,007 3,122
Fin;:mce costs 60 65 51 125 100 218
Profit before taxes including share from Associates 1,142 1,072 868 2,214 907 2,904
c} Segmen t assets and liabilities

Segment assets
Watches and Wear.:ibles 2,723 2,437 2,252 2,723 2,252 2,276
j1;>wellery lb,637 13,905 11,616 16,637 11,616 15,302
Eyecare 561 496 431 561 431 463
Others 886 794 862 886 862 736
Corporate(Unallocated) 2,673 4,330 3,102 2,673 3,102 2,417
Total 23,480 21,962 18,263 23,480 18,263 21,194
Segment liabilities
Watches "nd Wearables 1,010 925 788 1,010 788 915
Jewellery 11,138 10,014 8,862 l 1,138 8,862 9,949
Eyecare 315 275 217 315 217 268
Others 389 319 445 389 4-15 272
Corporal'e(Unallocated) 363 306 170 363 17tl 457
Total 13,215 11,839 10,482 13,215 10,482 11,861
 TITAN COMPANY LIMITED
ON: L74999TZI984PLC00l456
3, SIPCOT INDUSTRIAL COMPLEX, HOSUR 635 126.
Notes:
1 Consolidated unaudited financial results for the quarter and six month ended 3-0 September 2022 can be viewed on the website of the Company, National Stock Exchange of lndia Limited (NSE)
•nd BSE Ltd. Information of un•uditod standalone financial rosttlts of th o Company in terms of Regctlation 47(l)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Reg,tlations,
2015 (" SEHi Regulations"') is as Wlder:
t in Crorcs
Particulars 3 months ended 6 Months Ended Year ended
30-09-2022 30-06-2022 30--09-2021 30-09-2022 30-09-2021 31-03-2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Un audited} (Audited)
Revenue from opero:1tions 8,730 8,961 7,170 17,691 10,419 27,210
Profit before tax 1,155 1,066 868 2,221 950 2,932
Profit for the ocriod (after tax) 857 793 641 1,650 702 2.180
Total comorehensive income 831 792 591 1,623 678 2, 175
2 The consolidated un;:,udited financial r~sults of the Group h.ivc- bC('n preparc-d in accordance with lndinn Accoun ting St,lOdnrds {Ind AS) notified ut1dcr the Companies (lndfan Accounting
Standards) Rules, 2015 as amended.
3 The con.solidutcd financial results includes results of:
S ubsi diar ies
CaratLme Trading Private limited, [ndia
Studio( Inc., USA
(Wholli1 owned subsidimv ofCaratlaue Trndili~ Private Llmited)
Titan Engineering & Automation Limited, l.ndia
TEAL USA Inc (from 13 April 2021)
(Whollv owned subsidinrv o{Titm1 Eugineerinx & Autumafion UmiltdJ
Favre Lcuba A G, Switzerland
Titan W.1.tch Company Limited, Hong Kong
(100% Subsidiary of Favre Leuba A G )
Titan Holdings lntem.ltionc1l FZCO, Dubai
Titan Global Retail L.LC, Dubai
(SubsidianJ ofTitan Holdin~s Inteniationnl FZCOJ
Ti.t.1.1"1 Commodity Trading Limited, India
TCL North America Inc (from 15 April 2021)
Associate Company
Green Infra Wind Power Theni Limited
4 The Group is structured into four vf."rticals namely Wcltches clnd Wearables. Jewellery, Eyecclre dnd Others, where "Others" include Aerospace & Defence, Automation Solutions, Accessories,
Fragrances and Indian dtess we-ar. Accordingly, the Group has presented its segment results under these business segments in the manner consistent with the internal reporting to the chief
operating decis ion maker (CODM).
5 During the quarter and six months ended 30 September 2022, the Group sold gold•ingots aggregating f 482 crores {previous quarter ended 30 September 2021 t 192 crores ) and i 838 crorcs
(previous six months ended 30 September 2021 ~ 616 crorcs) res~ctively to various customers dealing in bullion, which is djscloscd .:is other operating revenues. During Lhe quarter ended 30 June
2022, the Group sold gold-ingots aggregating ~ 356 crorcs to variou.s customers dea ling m bullion, which is disclosed as other operating revenues. During the year ended 31 March 2022, the
Group sold Aold•inAol, aggreAalinA ~ 1,045 crores to various customccs dealing in bullion, which is disdosed as other opcr::i.ting revenues.
6 During the year ended 31 March 2022, the Group had announc-ed Volw1ta ry Retirement Scheme (YRS) to its employees. The- expenses incurred for the year amountmg to~ 54 crores is disclosed
as exce-p tional items.

7 The statutory auditors have carried out limited review of the consolidntcd urmuditcd financial results for the quarter and six months cndcd 30 September 2022 and have issued illl U1unodificd
review report.
8 The Consolidated lUlauditcd financial results of the Group for the quarter and six months ended 30 September 2022 have been reviewed by t~ Audit Committee of the Board on 3 November
2022 and approved by the Board of Directors at their meetin.g on 4 November 2022.

Plac(': Bcng~,luro
&)·~
- C l< Venk'1tarJman ...... "
Date: 4 November 2022 M.inaging Director