(%) Margins (%) FY20 was a challenging year with high gold prices affecting 1QFY20 and the COVID-19 crisis disrupting 4QFY20. Amid this tough operating environment, however, overall topline and earnings growth for Titan Company (TTAN) remained healthy at 6.4% and 8.9%, respectively. This continues a strong trend witnessed in recent years as a result of which sales and PAT CAGRs over FY1720 were also impressive at 17% and 24%, respectively, . Response to the COVID-19 crisis has also been heartening, with clear communication on safety and the addition of two new growth engines digital thrust and lower price point products. Barring high-value jewellery sales, we note that all of these growth engines are at play in FY21 as well. Gains from unorganized and other organized players continued unabated in FY20 and remain promising going forward as well. At less than 10% of the overall jewellery market, TTAN remains well-placed to capture further market share.