Robust jewelry growth of 37% was aided by a strong festive season and the activation of the gold exchange scheme. Higher volatility in gold prices may pose a risk to consumption demand in the near term, in our view. However, Titan's strong position vs. peers and execution with a focus on multiple growth drivers offer good visibility. Profitability across the divisions was mixed with margins in watches being impacted by high ad spends. Management continues to maintain a 15% EBIT margin target for the division. Jewelry margin expansion was impressive, but was partly supported by inventory gain and lower ad spends. The focus remains on growth, and share gains can...