Near-term growth woes for Titan after strong jewellery-powered Q4

Product mix and salary reinstatement could put pressure on margins

Aided by a low base, Titan registered a sharp uptick in sales for the March quarter. While overall growth came in at 60 per cent, it is the jewellery segment that powered the Q4 performance. Sales in the segment were up 70 per cent due to a dip in gold prices and market share gains from regional players. The gains also included a 10 per cent contribution from a business-to-business (B2B) order for gold coins. Even if March sales (including B2B sales) is excluded due to the soft base, growth in the first two months (January and February) was still