Titan Company Ltd, the luxury retail arm of India’s Tata Group, reported a 13% increase in consolidated net profit for the quarter ended March 31, 2025, supported by sustained consumer demand for premium jewellery and a sharp uptick in gold coin sales, even as gold prices soared to record levels.

The company posted a net profit of ₹8.71 billion (approximately $102 million), up from ₹7.71 billion in the same quarter last year. The growth came despite a nearly 17% jump in gold prices during the period, with 10 grams of 24-carat gold breaching ₹90,000 ($1,062).

Titan’s flagship jewellery division — encompassing brands like Tanishq and Mia — recorded a robust 25% year-on-year increase in sales, driven largely by affluent consumers continuing to invest in luxury jewellery and bullion. Gold coin sales surged 64%, as more buyers turned to physical gold as a hedge against market volatility.

While sales were strong, profitability slightly declined. Titan’s operating margin dipped to 11.9% from 12.1% a year ago, pressured by lower margins on bullion sales. CFO Ashok Sonthalia had earlier cautioned that elevated gold prices could make it difficult to achieve the company’s FY26 margin guidance of 11% to 11.5%.

The company’s watches segment, Titan’s second-largest revenue generator, also performed well, with revenue rising 20% to ₹12.16 billion. Growth was attributed to strong demand for its premium Raga, Sonata, and Fastrack collections.

In a key leadership announcement, Titan confirmed that Managing Director and CEO C.K. Venkataraman will retire by the end of 2025. He will be succeeded by Ajoy Chawla, the current head of Titan’s jewellery division.