While Titan continued to clock healthy revenue growth of INR 103.6bn (up 33%; 4- year CAGR: 21%; HSIE: INR 98.8bn), the margin fell short of expectations. Jewellery sales (ex-bullion; standalone) grew 23.5% (4-year CAGR: 18.4%) in Q4FY23 as both the number of buyers and ticket sizes aided growth. Non-jewellery growth of 31% YoY (4-year CAGR: 13%) remained healthy too (in-line). However, overall profitability disappointed. Consolidated jewellery EBITM, at 11% (vs HSIE: 11.7%), declined 20 bps YoY as (1) competitive intensity continued to keep gold price premium in check; (2) benefits from high diamond prices continued to wear off; and (3) low-margin gold ingots increased in the mix. Non-jewellery profitability disappointed too.