C K Venkataraman, the Managing Director of Titan Company, received a total remuneration of Rs 12.50 crore for the financial year 2023-24, including a variable pay of 500 per cent of his annual salary. The IIM Ahmedabad alumnus has been with the Tata-backed company since 1990 and has over 30 years of experience in the industry. His leadership has seen the company’s consolidated revenue grow from Rs 21,052 crore in FY 2019-20 to Rs 51,084 crore in FY 2023-24.
Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, witnessed a significant decline in the value of her investments in Titan Company. The company’s stock price plummeted by over 5% after reporting its Q4 results, leading to a notional loss of over ₹800 crore for Rekha Jhunjhunwala. Despite holding a 5.35% stake in Titan, her investment value has dropped to ₹15,986 crore, down from ₹16,792 crore previously.
Shares of Titan Company witnessed a significant decline of nearly 5% on the BSE today, following the release of weaker-than-expected March quarter financial results. The company’s consolidated net profit experienced a modest 5% year-on-year growth to ₹ 771 crore for the quarter ending March 31, while total income rose by 22% YoY to ₹ 11,472 crore. Despite this, the EBIT (Earnings Before Interest and Taxes) grew by a mere 10% YoY to ₹ 1,192 crore. The Jewellery segment accounted for a 19% YoY growth in quarterly income, reaching ₹ 8,998 crore, whereas the ‘Watches & Wearables’ segment generated a total income of ₹ 940 crore for the quarter.
