With a complete washout in Q1FY21 (70% decline), Titan's jewellery division ended the year on a strong note with marginal sales growth of ~3% in FY21 (excluding gold bullion sale). This signifies the inherent strength of the business model and its strong brand patronage. With a healthy recovery in Q3FY21 itself (15% revenue growth), momentum accelerated even further with Titan reporting 32% sales growth YoY in January-February 2021 (excluding B2B order). On a benign base, Tanishq reported 70% YoY growth in Q4FY21 with 10% growth being contributed by a large B2B order for gold...