Latest news with #AjoyChawla
Time of India
4 days ago
- Business
- Time of India
Buyers put their money on rock as gold prices peak
New Delhi: India's largest jewellery chain Tanishq's CEO Ajoy Chawla said solitaires in smaller stone sizes are seeing a 'whopping' increase in customer demand. At an overall level, studded jewellery buyers are outpacing those choosing gold. "Not now, but the last two quarters, and it carries on into this month (May). April has also been that way," Chawla said during an earnings call of parent Titan Company on May 8. He later told ET that penetration of diamond jewellery among Indian customers is currently in single digits, or at best, 10-11%. The total size of the Indian jewellery industry is about ₹5.5-₹6.4 lakh crore while the diamond industry is at ₹70,000-₹75,000 crore, Chawla said. "And, therefore, certainly we want higher growth. How much higher growth, we have not put a number to it. We have our goals. And there is an expectation that the diamond-studded jewellery market will grow at a faster rate," said Chawla. With gold prices scaling the ₹1 lakh mark, diamond-studded jewellery, particularly one carat solitaires, are being increasingly preferred in the ongoing wedding season that started in April and will run till June-end, with jewellers indicating a 20% jump in offtake compared to last summer wedding season. A carat of good-quality diamond is priced at ₹2.5-₹3.5 lakh, depending on the cut and clarity. "The purchasing power of Indians have increased, and they are now looking at diamonds for wedding purposes. India is witnessing a double-digit growth in diamond demand," said Amit Pratihari, managing director at De Beers India . Jewellery retail stores are also pushing diamond jewellery as they earn more incentives for diamond sales. Ramesh Kalyanaraman, executive director at Kalyan Jewellers , said the company's sales team has been incentivised to sell more studded jewellery. "When the gold price is high, conversion to studded jewellery becomes much easier," Kalyanaraman said. This month, overall prices of polished natural diamonds have remained stable, with a slight upward movement. "There's no sharp spike like we saw in April, but there's a tendency for prices to rise gradually," said Jignesh Mehta, managing director at Mumbai-based Divine Solitaires. "Consumers are showing continued interest in solitaires, and that's reflected in steady movement at the higher end. On the other hand, smaller goods and lower-quality diamonds are not performing as well. In fact, prices in those categories are quite flat or under pressure. So, it's clear-good quality diamonds, especially solitaires, are the ones holding value and showing upward momentum," Mehta said.
India.com
11-05-2025
- Business
- India.com
Meet Ajoy Chawla to become MD in Ratan Tata's company? as CEO, he took Titan to new heights
Ajoy Chawla is currently handling the Titan's jewelry division and has been appointed as the new Managing Director (MD) now. He will assume the new role on January 1 after the retirement of the current MD, C.K. Venkataraman, on December 31. Venkataraman is retiring as per Tata Group's age policy. Ajoy Chawla became the CEO of Titan's jewelry division in 2019. Under his leadership, the jewelry segment performance grew by 2.5x in both sales and profits. It also became a market leader in the jewelry industry. Shareholder Approval Chawla's appointment as MD is subject to shareholder approval. The company may complete this process to on board him and formalize his new role. A search for a new CEO for the jewelry division will also start soon. Current MD Venkataraman expressed confidence in Chawla's leadership, stating, 'On behalf of the Titan team, I welcome Ajoy to this role. He has a deep understanding of customers, collaborates effectively with people, and focuses on creating value. I am confident that he will take Titan to new heights.' Who Is Ajoy Chawla? Ajoy Chawla' is part of the Tata Group since 1990 through the Tata Administrative Services (TAS). In 1991, he joined Titan's finance department and later worked there for nearly twenty years in the watches division, handling sales, marketing, supply chain, and SAP operations. He also worked in the accessories and licensed brands department. Later on he became the head of Titan SBU's domestic and international operations. Between 2013 and 2019, Chawla was Titan's Chief Strategy Officer. During this time, he launched new businesses and expanded the perfumes segment. Titan Q4 Results Tata group firm Titan Company on Thursday reported a 13 per cent increase in its consolidated profit after tax at Rs 871 crore in the March quarter, driven by robust sales. The company had posted a profit after tax (PAT) of Rs 771 crore for the January-March period of FY24. Total income increased to Rs 14,049 crore for the fourth quarter as compared with Rs 11,472 crore in the year-ago period, the company said in a regulatory filing. For FY25, Titan reported a PAT of Rs 3,337 crore, a decline of 5 per cent, against Rs 3,496 crore in FY24. Total income increased to Rs 57,818 crore last fiscal from Rs 47,501 crore in FY24. (With Inputs From PTI)
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Business Standard
08-05-2025
- Business
- Business Standard
Titan Q4 net profit up 13% to Rs 871 crore on strong jewellery sales
Titan Company's net profit during the fourth quarter of financial year 2024-25 (FY25) was up 13 per cent year-on-year (Y-o-Y) to ₹871 crore on the back of strong sales. Revenue from operations grew 19.4 per cent Y-o-Y to ₹14,916 crore. Sequentially, net profit fell 16.8 per cent while revenue was down 15.9 per cent. The jewellery major's profit before interest, depreciation, and tax (PBIDT) was up 22.4 per cent Y-o-Y to ₹1,653 crore in the quarter ended March. The owner of Tanishq, Mia and Zoya saw its income from the jewellery business grow 25 per cent to ₹11,232 crore on a standalone basis compared to the corresponding quarter last year. Also, its India business grew 23 per cent in the same period, driven by a strong 30 per cent growth in gold jewellery and coins (together) and 12 per cent surge in studded jewellery, it said. 'Despite a steep increase in gold prices, the studded and gold coin segments saw buyer growths. Solitaires likewise witnessed a good rebound on the back of good buyer growth, albeit on the lower carat weights. The high gold prices, however, are continuing to weigh on consumer sentiment in the near term,' the company said in its earnings release. In the watches and wearables business, it recorded a total income of ₹1,126 crore, up 20 per cent over the corresponding quarter last year. The domestic business grew 18 per cent during the same period. The eyecare division recorded a total income growth of 16 per cent to ₹192 crore in the quarter. Emerging businesses, comprising Indian dress wear ('Taneira') and fragrances and fashion accessories ('F&FA'), recorded a total income of ₹102 crore for Q4FY25, growing 5 per cent over last year. 'FY25 was marked by multiple external events that had varying impacts on the businesses in general. Titan's businesses clocked yet another year of strong 22 per cent revenue growth. This resulted in the company crossing the milestone of over ₹50,000 crore of revenues for the full year,' C K Venkataraman, managing director (MD) of Titan said in its earnings release. He added, 'Our analog watch business continued its strong growth trajectory by product innovation-led premiumisation while moving in sync with the rising aspirations of the Indian consumer. The eye care business has returned to the double-digit growth trajectory in Q3 and Q4 of FY25 and is poised for even better growth in FY26.' He also said that within emerging businesses, fragrances has performed well in FY25 signifying growing acceptance of the SKINN brand. Its international business expansions are progressing well in North America and Gulf Cooperation Council (GCC) regions. 'As we look forward to FY26, all businesses of Titan Company are focusing on market share expansion in their respective categories and catering to the changing needs of our consumers,' Venkataraman said. Ajoy Chawla appointed MD The board of directors of Titan Company, at its meeting on Thursday, approved Ajoy Chawla as managing director (MD) from January 1, 2026, as CK Venkataraman, the current MD, will retire on December 31 this year. Chawla is currently chief executive officer (CEO) of the jewellery division. He is a mechanical engineer from VJTI Mumbai and a PGDM from IIM Calcutta. He joined the Tata Administrative Services (TAS) in 1990 and initially joined the finance department of Titan in 1991. 'Over the next two decades, he was in the watches division, and played several roles spanning commercial, sales, retailing, supply chain, SAP implementation, leading accessories and licensed brands as strategic business unit (SBU) head. He then headed the Titan SBU for domestic and international markets,' the release said. Between 2013 and 2019, Chawla was the chief strategy officer of Titan as well as head of business incubation, scaling the fragrances business and establishing the Taneira business. In October 2019, he became CEO of Titan's jewellery division. Under his leadership, the jewellery division has grown 2.5 times in sales and profits and reinforced its market and thought leadership, the release added. The formal process to induct Chawla on the board of the company and his appointment as MD of Titan will be completed in due course. It is subject to shareholder approval. The decision relating to Chawla's successor in the jewellery division will be taken subsequently.
Reuters
08-05-2025
- Business
- Reuters
India's Titan says managing director Venkataraman to retire by year end
May 8 (Reuters) - Indian jeweller and watchmaker Titan ( opens new tab said on Thursday that current managing director CK Venkataraman will retire by end of 2025 and be replaced by Ajoy Chawla, the current CEO of its jewellery division, effective January 1, 2026.
Fashion Network
24-04-2025
- Business
- Fashion Network
Titan focuses on value led growth this Akshaya Tritiya
Titan Company is focusing on value led growth over volume growth for the Akshaya Tritiya festive season. Aiming to mitigate consumer uncertainty over high gold prices, the business expects to see double digit growth mainly fuelled by higher ticket sizes. "With so many global uncertainties, gold has turned into a safe haven," said Titan Company's Jewellery Division CEO Ajoy Chawla, ET Retail reported. "But with prices spiralling, it has put pressure on consumer sentiments." Predicting marginal buyer growth this Akshaya Tritiya, Titan Company has directed its marketing focus away from purely gold towards diamond and precious gemstone bridal jewellery. The business has seen investment led gold purchases remain strong, including sales of gold coins, and has reduced weight-dependent making charges significantly. "Gold is a commodity, it can't stay elevated forever," said Chawla. "We're cautiously optimistic. India's festive spirit is intact, even as global headwinds persist." Titan Company's fine jewellery brands include Mia by Tanishq, Tanishq, and Zoya, according to its website. The business is part of Tata Group and its portfolio also includes brands in categories spanning watches and wearables, clothing, fragrances, and fashion accessories.
