New Delhi, May 6 -- Titan Co. Ltd ended FY24 on a low note, with March quarter (Q4FY24) results falling short of Street expectations due to high gold prices and weak consumer sentiment. Increased competition and volatile gold prices have only compounded the Tata group company's woes for the near future.

A key disappointment in Q4 was the low profit margin in Titan's mainstay jewellery business, which contributed 89% to standalone revenues in FY24. In Q4, jewellery sales, excluding bullion sales, rose nearly 19% year-on-year to Rs.8,998 crore. However, while the average selling price saw single-digit increase, new customer acquisitions made up just about 54% of jewellery customers.

Titan had to ramp up promotional spending and discounts ...