Professional Documents
Culture Documents
01-60
With a commitment to cultivate a culture of diversity, inclusion and equity, the Company
has introduced several policies. These policies create an inclusive and safe place to work for
all our employees and stakeholders and are designed to provide a favourable and positive
environment at workplace.
CORPORATE OVERVIEW
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STATUTORY REPORTS
• Employees who become • Option of extended hotel
New Parents will continue to stay for women employees
receive their full remuneration on deputation when
and benefits, with the right facing difficulty in finding
to return to work in the same suitable domicile. Company
or equivalent position, after Car at disposal for daily
returning from paid or unpaid work commute in difficult
parental leave. If outstation conditions/places. Support
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travel for work is absolutely for women employees for
necessary, the primary parent scouting, negotiation with
is allowed to travel with the broker and registration of
child and one other person place of stay.
while on business travel.
The focus will be to make Titan the employer of choice for individuals from all walks of life and will remain committed in all its
endeavours to create tangible and lasting change.
22 TITAN COMPANY LIMITED Annual Report 2021-22
Sustainability at Titan
Business sustainability comes with responsible behaviour towards all its stakeholders and more
specifically towards the environment and community and Titan has a rich legacy of the same.
Renewables constitute
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CORPORATE OVERVIEW
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88% of
water used in at
STATUTORY REPORTS
manufacturing
is recycled water
Responsible neighbour
The Company has over a period of time taken up many lakes or water bodies in the vicinity of its manufacturing
locations at Hosur/Pantnagar and rejuvenating them making sure a few water bodies such as ponds are restored to
enable water conservation. The biggest initiative has been rainwater harvesting across all plant locations.
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FINANCIAL STATEMENTS
Besides the rejuvenation of the Veerasandra lake adjoining the corporate office at Bangalore, the Company has also taken
another lake adjoining the factory at Hosur for full rejuvenation.
The Company has also sought to offset carbon footprint by taking up large-scale tree plantation through creation of
Miyawaki forests in Hosur and also plantation of trees in public areas in Pantnagar.
Miyawaki forest – Hosur Jewellery Factory Miyawaki Forest - for the public in Hosur
Growth with Responsibility | Growing Responsibly – taking the community along 25
Growing Responsibly –
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taking the community along
Titan continues to work in sectors that are either unorganised or characterised by sub-standard
business practices and ethics. Whether it is in Watches, Jewellery, and EyeCare or in the new
CORPORATE OVERVIEW
businesses such as Indian Dress Wear, the Company strives to work in these sectors to create
sustainable business models that transform business practices into those of organised sectors.
These are characterised by value-based practices across the entire value chain reflecting in the
manner in which the products are procured, produced and sold.
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The CSR
philosophy of
the Company is
derived from
STATUTORY REPORTS
the Company’s
vision.
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The CSR policy of the Company inclusive by building in requirements of supporting issues that are of national
focuses on Education, especially the Affirmative Action and also including importance, notable among this was
education of the underprivileged People with Disabilities. the response towards COVID-19 over
Girl Child, Skill Development for the the past two years.
Underprivileged and support for Arts, Being a Pan India organisation, the
Crafts and Indian Heritage. While most Company continues to support local The Company has created Design
education programmes have a large causes that are important to the Impact Award programme, which seeks
FINANCIAL STATEMENTS
focus on the Girl Child, the Company communities with which it operates, to engage the youth towards applying
also makes all efforts to make it truly (including the retail presence) besides design thinking for social impact.
26 TITAN COMPANY LIMITED Annual Report 2021-22
01-60
We have been supporting five tribal Tamil Nadu; and c) Entrepreneurship for bringing the artisan community
ITIs which we have adopted in development. During the year, we and buyer community together
Tamil Nadu towards many areas of successfully leveraged technology directly (Project Tarasha) and about
CORPORATE OVERVIEW
importance. These include right from for reaching out to the candidates, 40 artisans have been onboarded on
help during recruitment, employability both at our LeAP centre, spokes and this platform.
skills, skilling, online sessions, job also the engineering colleges. In
connects etc. apart from small addition to this, we have also covered
infrastructural support. Government ITI students. Across all
formats of employment, employability
The longest programme in terms of and entrepreneurship development,
tenure has been the Titan Scholarship we have been able to see substantial
Program which has been taken progress during the year. We have also Project Tarasha
into its 34th year of implementation been able to see encouraging progress
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and we have given 119 new in our skilling and placement of
scholarships this year. persons with disabilities. Around 450
persons with disabilities were skilled
and placed during the year. Design Impact Programme
The Company’s support to the
grantees of the Design Impact
Programme has now reached its
final stages and will be closed by
STATUTORY REPORTS
Titan Scholarship Financial Year 2022-23. Progress has
been encouraging in most of the
Titan LeAP grantee engagements.
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Our programs in Varanasi (UP) and
Karnataka pertaining to Arts and
Crafts are progressing, though slowly.
Skill development for the We have initiated two new programs,
underpreviliged one with disabled working the
The Titan Skill Development space of banana fibre and another
intervention (Titan LeAP - Learn Apply a community to restore the knitting Design Impact Programme
FINANCIAL STATEMENTS
Responsible Citizenship
Our Integrated Village Development
and Water and Sanitation
programmes in Uttarakhand has
progressed well. We have completed
and handed over 8 water schemes to
the community. Overall, 25 schemes
have been completed. The Integrated
Village Development Program was
augmented with COVID-19 support
during the year. The watershed
programme with NABARD covering
5,000 hectares has met most of its
objectives and will be completing its
first phase during Q1 of FY 2022-23.
The Happy Eyes program was put Hospital in Bihar to support Mobile
back on track. The comprehensive eye screening. Despite the pandemic,
Integrated Village Development and support included opening of total of 5 employee engagements continue to be
Watershed programme vision centres over the past two years, encouraging through our volunteering
including effective use of the Mobile programme, largely through online
Rural Vision Screening program. We volunteering, for both, our projects as
had also supported for procurement well as programmes across the Tata
of a new vehicle to Akhand Jyoti Group companies.
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CORPORATE OVERVIEW
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STATUTORY REPORTS
Assistance in fighting COVID-19 pandemic
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The Company draws
inspiration from the fact that
it reached out to
Approach to Reporting
Manufactured Natural
Page 51 Page 53
The Company started publishing its Integrated Report four taken during the course of the year that have significantly
years back thereby displaying its commitment to uphold impacted the outcomes of these capitals. This Report
highest standards of transparency in communication and has been prepared in accordance with IIRC’s Integrated
ethos of Corporate Governance. Reporting framework <IR>. Other <IR> content elements like
our engagement with key stakeholders, risks, governance,
This is our 5th year of Integrated Reporting to voluntarily CSR and environmental initiatives are further explained in
disclose additional information to our stakeholders on the statutory section of the Annual Report under topics like
non-financial objectives that have been achieved over Management Discussion and Analysis (MDA) and Board’s
the past years. Report as well as Business Responsibility Report.
The Integrated Report highlights the organisation’s The scope of this Integrated Reporting is limited to Titan
perspectives and performance on material topics such as Company Limited as a standalone entity.
Manufacturing, Financial, Human, Intellectual, Social &
Relationship and Natural Capitals thereby providing a glimpse Listed below are some of the stakeholder engagement
into the longer term value creation and sustainability of mechanisms that the Company has consistently undertaken
the Company. These include the key initiatives that were and improved over the years.
Approach to Reporting 31
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health of the organisation, such as Employee development has been
Inclusive Work Culture, Structure, through internal facilitators from
Processes & Empowerment, businesses with the deployment
Ethics and Integrity and seek their of online platforms like Titan U,
LinkedIn Learning and Coursera
CORPORATE OVERVIEW
suggestions on specific topics such
as top line growth, cost reductions, promoting self-paced learning. The
process improvements, etc. work from-home situation brought
in opportunities to rethink and
Employees During the year under the “Speak- redefine the ways of connecting with
Employee Connect, to-the-MD” programme, different employees spread across the country.
Engagement & Development segments of employee groups Examples of innovative programmes
were identified and were invited covering physical, financial and
The Company continues to use various to volunteer for a session with the emotional wellness include: Virtual
engagement and connect forums MD and the Chief People Officer, Talent showcases, one-to-one
like Tell Me, Heartbeat survey, Great covering 500+ employees over connect sessions with leadership
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Place to Work survey, cascades and 70+ hours, across the length and teams, employee health and wellness
other innovative ways to connect breadth of Titan. sessions, online yoga by certified
and engage with employees. Tell Me instructors, one-to-one financial
is an online survey rolled out to all Even though the pandemic seems to planning services and counselling
employees of Titan, to hear from them have receded, emphasis still remains services through Calmness experts for
on pre-set themes that pertain to the on safety norms and measures. all our employees.
STATUTORY REPORTS
Connecting with customers through to connect with customers through
Smile App, a dedicated portal to various channels, including the digital
connect with Multi brand outlet medium and serve their needs and
customers, leveraging live chat and expectations in a dynamic manner.
creation of WhatsApp teams are some
of the interventions. The Indian Dress Wear business
has also launched several customer
Customers The Digital team rolled out multiple engagement initiatives such as Self-
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technology innovations, enhancements browse retail format, video calling,
Engagement/Satisfaction
and continuous improvements, WhatsApp/Live chats, Trunk & PoP Ups
including numerous information (Exhibitions), etc.
Engagement of customers across
security measures and processes to
geographies, demographics and
enhance customer data privacy. The The customer service team at the
segments is through deployment of
Encircle loyalty program, which has watches Division has addressed the
wide variety of mechanisms such as needs of the customers through SMILE
grown into one of the largest in the
FINANCIAL STATEMENTS
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in the communities it engages Being a Pan India company, it reaches
with. The Company engages with out to the communities not only in
communities through direct CSR the location of its operations but
interventions as well as through across the country, and co-creates
various NGOs and governmental programmes and solutions that are in
CORPORATE OVERVIEW
agencies to deploy several the larger interest of the community
programmes aimed at different and society. It also works closely with
CSR Partners and NGOs community segments, with a view to the Government in reinforcing or
create a significant positive impact, strengthening ongoing programmes,
The Company continues to play Through constant engagement even as it takes up causes of national
the role of a responsible corporate with the partners it works with, to interest such as Swachh Bharat,
citizen with a firm belief in making co-create programmes that add Disaster response to natural calamities,
a difference to the lives of people immense value to the community. Response to COVID-19, etc.
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The Company engages with various etc. thereby playing a proactive role in
Government departments and ensuring that the views of the industry
regulatory bodies from time to time are heard by the Government and also
STATUTORY REPORTS
to respond to compliance aspects, to align with Government’s views.
address issues and concerns on
behalf of the industry such as ease of
doing business, industry regulations
Government Bodies and through forums like Indian Horological
Industry Associations Federation, World Gold Council, CII,
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FINANCIAL STATEMENTS
34 TITAN COMPANY LIMITED Annual Report 2021-22
Materiality Approach
Materiality assessment is an exercise to ascertain material issues; an issue is material if it
substantively impacts the organisation’s ability to create value in the short, medium or long
term. A clear understanding of materiality aspects promotes better alignment between
business strategy, performance management and reporting.
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focus on a seamless experience for buyers through NPS and Customer
offline and online customers. We engagement activities at stores were
began this journey by remodelling the also undertaken.
team to reflect this need. During the
In Jewellery Division, many initiatives
CORPORATE OVERVIEW
lockdown, this category being one
that requires assistance in buying, have been deployed such as
Customer Experience
all our store teams reached out to strengthening the TWOL program
The Company’s continued focus the customers, helping them buy by enhancing the service standards,
on customer satisfaction obsession remotely – a concept called Phygital embedding at the heart of Tanishq
has led to new routes to reach out (Physical and Digital) emerged as a training and service orientation of our
to the customer. Whether it be strong customer choice. The launch stores, defined training modules for
comfort calling or reaching out to of CX 2.0 brought in renewed focus Customer Relations Officer as well
our detractors for service recovery, on personalising the experience for as periodic mystery audits ensure
or calling our customers just before our customers, especially customers that stores keep the focus. The NPS
warranty expiration, we have left who were new spectacle wearers. training has been strengthened by
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no stone unturned to ensure that We recognised that the journey addressing the gap between store’s
customer satisfaction is arrived at. could be significantly improved by targeted NPS and prevailing one.
Net Promoter Score (NPS) continues simplifying the whole dispense process Similarly on Customer Complaints
to be our North Star, guiding us in for these customers. Thus, “Pehla that are raised from any source,
process and product improvement. Chashma” and “Pehla Progressive” we ensure that a customer-friendly
Many aspects such as product processes were born. resolution is given to the customer
offerings and price points, focus on within 48 hours. The engagement
STATUTORY REPORTS
“Correct Selling” and simplification In the Watches business, various programs have also been enhanced to
of the sales process, have all been initiatives were undertaken including deliver higher customer satisfaction
re-imagined due to feedback from our social media Launch for Titan World and remain connected with the
Customers. We also were able to get channel and scaling up of Helios on all customer. In Taneira, dedicated/
insights from a larger set of customers social media platforms, personalised Captive looms across India are
after we introduced WhatsApp in reach out to Encircle Customers, established to weave exclusive
the EyeCare Division as a channel Nebula Trunk Shows, Milestone products designed by the design
for NPS surveys. Gradual recovery Birthday and Anniversary reach out - team. Further, activities to transform
from the pandemic also brought Customised & Personalised, customer the weavers’ ecosystem by supporting
about a shift in the expectations of surveys & Feedback sessions, LITMUS, them with technical expertise and
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our customers with regards to the etc. Introduction of NPS response, improving their working conditions
omnichannel experience. This created 7 Day feedback from SMART are also being undertaken.
All divisions of the Company have Uneducated young women, widows and CEO appointed by the Board. Each
robust vendor assessment, selection, and single mothers are primarily given Production unit has a Director who
vendor management and periodic employment in MEADOW. MEADOW will represent their unit in the Board.
vendor evaluation processes in place. operates as a vendor for three The key decisions are taken/approved
Good governance is ensured by manufacturing Divisions (Watches, by Board of Directors. All statutory
making sure each vendor and supplier Jewellery and TEAL). MEADOW requirements are complied with,
is made aware of and adheres to the started its association with Titan in including Minimum Wages Act, PF, ESI,
requirements of the Tata Code of a small way when Titan had decided PCB norms etc.
Conduct. Vendors and suppliers are to outsource assembling of watch
both recognised for good performance straps. Titan not only trained them in b) The Karigar story and
and also in the odd occasions pulled the assembly of links, but also in the responsible sourcing journey of
up for non-performance to encourage managerial functions like Planning, the Jewellery division
constant improvement and excellence. Production, Accounting, Lean,
Key parameters that are reinforced Business Awareness, Technical Skilling, In the context of a highly unorganised
constantly include requirements Costing, etc. MEADOW employs and fragmented industry in India
of environment compliances, around 40% of its employees from with several practices that could be
safety, governance and ethics of Affirmative Action community. illegal or with poor human conditions
the highest order and any other in manufacturing, the Company has
compliances pertaining to legal and MEADOW Business Model: taken upon itself to lead and be the
regulatory requirements. MEADOW runs the business in pioneer in best supply chain and
the SHG (Self-Help Group) model karigar practices, that has transformed
Below paragraphs highlight two - “Owner - Manager - Worker“. the nature of the Indian jewellery
significant efforts in the supply chain MEADOW has a Board of Directors industry. These pioneering efforts
journey of the Company that has not
only gone on to create sustainable
social business entities, but have also
created a benchmark of sorts in the
Indian Industry:
a) Women Self-Help Groups
for outsourcing/subcontracting
Operations (Project MEADOW),
b) Karigar transformation story,
responsible sourcing journey of the
jewellery division.
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in the area of human rights and vital link in the chain - “The Karigar”. Along with transforming the lives of
dignity of work for karigars is a well This transformation journey was Karigars, the business benefits for
acknowledged practice in the Indian brought about in three stages over Karigar Centre include: 2X productivity
Jewellery industry. the years starting from Project Unnati, increase for Karigars; Year-on-year
moving to Mr. Perfect and later has business growth for vendor partners;
CORPORATE OVERVIEW
The below example attempts to taken the shape of Karigar Centre. Enhanced quality; Reduced lead-time
substantiate the Company’s game Karigar Centre is a sustainable model and inventory levels; Enhanced delivery
changing efforts in this direction. focusing on inclusive growth for performance to customer; and New
all stakeholders in the value chain capability development.
Transforming lives. The Karigar especially the craftsmen who are
Story: The Gem and Jewellery completely neglected by the trade. It may also not be out of place to
sector contributes to about 6-7% of mention that the Jewellery Division
India’s GDP. The Indian fascination to The Karigar Centre initiative also was the first in the industry to enable
Jewellery dates back to 5,000 years. enables overcoming a critical challenge gold purity testing in a transparent
This sector is highly fragmented and associated with attracting and manner (through the karatmeter)
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unorganised with over 90% jewellers retaining good talent in Jewellery which today has been the trendsetter
being family-owned businesses. manufacturing for the Company and is and the industry has followed
Titan is one of the key players in the one of its kind in the entire Jewellery suit subsequently.
organised sector with a market share industry Pan India.
of 5 to 6%. The Jewellery industry in Digital Transformation of Supply chain
India has a highly unorganised artisan In addition to providing good is one of the major focus areas for
infrastructure, we have worked closely Titan through which we are aiming to
(karigar) driven, traditional skill-based
STATUTORY REPORTS
with partners and Karigars to enhance enhance visibility and automate the
(handcrafted) manufacturing value
the business value by deploying manual repetitive processes.
chain, employing lakhs of people in
many management, production and
rather inhumane working conditions
quality systems, including Theory of We have a robust network of “True
with labour exploitation and poor
Constraints, Lean manufacturing, Titan Partners” in our supply chain.
labour and workplace practices, which
Quality and Environment management We have created a dedicated Risk
is very different from other countries.
systems amongst many others. Management and Compliance
This highly labour-intensive sector
function for ensuring 100%
has been traditionally characterised compliance through initiatives like
During the year, in collaboration
by outdated practices, negligible periodic audits at different vendor
with an external partner, we have
inputs from modern processes and established a manufacturing facility places for identifying the gaps, proper
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technologies, craftsmen working for at Midnapore (hub of Karigar handholding to our partners to bridge
14-16 hours in poorly lit, cramped fraternity) to be nearer to the Karigars’ the identified lacunae, etc.
and unsafe environment with the use hometown. This way, we will be able
of toxic chemicals, leading to early to provide elevating experience to our Responsible Sourcing:
health-related forced retirement by the Karigars by enabling better quality The Company has embarked on the
age of 40. Titan’s interventions from of life for them as they will not be next phase of the responsible sourcing
over a decade have transformed some separated from their families for work. journey. As part of a formal practice
FINANCIAL STATEMENTS
parts of this sector and influenced and policy, the following initiatives
many more players too. The objective We have also established a facility have been put in place by the
is to bring transformation in the way in the jewellery park at Ankurhatti Jewellery Division in this journey:
jewellery manufacturing is being and brought some of our vendors
done in India and focus on inclusive under the same facility for bringing
growth of the stakeholders in the them together under one roof to
value chain. It has highlighted the have better visibility and cross-
need to urgently uplift the exploited learning opportunities.
38 TITAN COMPANY LIMITED Annual Report 2021-22
Procurement of gold and for all jewellery manufacturers Place: Guidelines on health and
outsourced Jewellery: A significant who work with us based on a well- safety, security, pollution levels,
40-45% of the gold consumed is structured “4P - People, Place, Process, ergonomic working, etc.
from recycled gold received from Planet” framework for ensuring a
the customers under our friendly comprehensive and holistic approach Planet: Guidelines on waste
and transparent gold exchange to transforming the traditional and and emissions, preservation of
programme. The balance 55-60% unorganised jewellery manufacturing environment, etc.
fresh gold bars consumed is procured sector. Further, there are requirements
from RBI-designated banks which pertaining to traceability categorisation Vendor Audits, grading and on-
import London Bullion Market and certifications. This above protocol boarding: To ensure a measurable
Association (LBMA) certified gold is formally signed by the concerned progress along this responsible
ensuring highest purity, quality and supplier/vendor. The overall aim sourcing journey, using the 4 P
mined from ethical sources. of this protocol is to ensure three framework all vendor partners of
basic objectives: the jewellery division have been
This approach is also applicable classified into 4 categories of
for all outsourced jewellery and a) Ensure responsible and ethical
Cottage, Basic, Standard and World-
vendors who supply finished or semi- practices are followed throughout
class based on ground audits of all
finished products to us. An internal the value chain;
parameters. There is a systematic
bullion management policy ensures b) Establish traceability to ensure that programme to continuously plan,
robust compliance and optimises all diamonds originate from an audit, review and develop all vendor
the use of this precious commodity ethical mining organisation; units to become Standard by
to ensure procurement of mined
c) Ensure zero mixing of synthetics FY 2022-23. This is being constantly
gold is minimised.
with natural diamonds. reviewed and driven systematically
by the Jewellery manufacturing
Procurement of diamonds
Some of the key elements of this team. Further, there is also a formal
Diamonds are being procured from
reputed and authorised “Sight protocol that are included under the audit and vendor assessment system
holders” who buy from global 4P approach is as follows: in place to ensure new vendors
diamond manufacturers like who who get on-boarded adhere to
follow the Kimberly Process for People: Guidelines pertaining to this protocol. Across all divisions,
ethical mining. Further, these Sight human rights, fair wages including the Company was able to put in
Holders who are our vendors in India, PF, ESIC etc., child labour, freedom of mechanisms to support supply chain
are governed by a comprehensive association and discrimination. partners during the pandemic, both
Titan Supplier Engagement Protocol financially and also logistically.
(TSEP) specifically deployed for Process: Guidelines pertaining
diamond sourcing. to Legal compliance, Kimberly Working on joint collaborative
Process certification and World projects both for business benefits
Procurement of Jewellery from Diamond Council SOW, corruption, and engagement is a key hallmark
other Outright/Jobwork/Outwork contractor management and money of our Vendor relations. A case in
vendors: In addition to gold and laundering, besides quality systems for example is engagement of sub-
diamond procurement, we have consistency and high functional and contracting vendors is setting up
ensured a vendor code of practice aesthetic quality of the Fundamental Skill Building
Materiality Approach 39
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Centre (FSBC) for skilled case polishing pride of being a polisher, standardise Suppliers and vendors are also made
operations in ISCM Watches. skills across vendors and finesse (look an inclusive part of safety, quality
and finish/touch and feel). The module and environment programs as part
The FSBC includes classroom-enabled trained 300+ polishers. of Vendor engagement initiatives
CORPORATE OVERVIEW
e-learning, dexterity and cognitive through TVQMS (Titan Vendor Quality
improvement exercises, on-the-job In the Watches & Wearables Division, Management System), TVSMS (Titan
and hands-on training, mass finishing aggressive focus on Make in India by Vendor Safety Management System),
lab and visual inspection room, reducing the dependency on China TVWMS (Titan Vendor Workplace
complete with visual training aids. was taken up intensively in FY 2020-21 Management System).
The objective of FSBC is to bring a which resulted in reduction of
structured training for the polishing China dependency to 20% from the
industry (550+ in the industry), instil current levels.
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at the next decade with considerable The Company also looks at
ambition. We are now committed to modifications based on needs and
embed Diversity, Equity and Inclusion expectations of employees and in this
across everything we do, focusing regard, policies on travel, non-metro
on three core areas - increasing posting as well as parental support
Employee Engagement, our gender representation across and benefits have been enhanced.
STATUTORY REPORTS
Diversity and Inclusion managerial levels, strengthening
During the year, Titan launched its
diversity enabling processes and
The Company provides a safe, very first women’s network – NoW
building a culture of inclusivity. One
productive and conducive (Network of Women). The network is
immediate goal for us is increasing
environment where employees aimed towards providing a platform
the number of ‘Women in Retail and
can learn and develop their skills for women across cities, businesses,
Sales’. We believe that Retail and functions, to share ideas, aspirations,
and talent. Apart from serving
Sales represent the more challenging experiences, dilemmas and also to
customers, employees innovate and
functions for women representation help Titan Company create more
develop products and services in an
and an achievement here will create inclusive, more equitable and more
increasingly competitive world. We,
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at Titan, aim to become more diverse the necessary overall momentum. diversified teams all around.
not just because we want to maximise Towards this, we have taken the
the organisational effectiveness target of 25% of RBMs, ABMs and As on 31st March 2022, the Company
through diversity, but also because SMs to be women by FY24. Titan had 7,263 employees on rolls, out
we believe that this is the Right is currently at par with some of the of which 1,961 were women. Of
Thing To Do. To give all segments the best companies to work for women the total base, 136 employees were
representation they deserve. Building with 15% gender diversity in our differently abled.
FINANCIAL STATEMENTS
on the solid foundations of the last Top Management and 34% gender
three decades, we are now looking diversity at the entry levels.
40 TITAN COMPANY LIMITED Annual Report 2021-22
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Product Manufacturing,
CORPORATE OVERVIEW
Quality and Safety
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The EyeCare plant has started its
journey towards lean manufacturing
with implementation of tools like jewellery prevalent in the industry, the
5S, Layout optimisation, Quality Division focuses on engineering the
circle, Single piece flow, etc. to craft with development and adoption
bring world-class manufacturing of relevant technology by keeping
STATUTORY REPORTS
system. The Kolkata plant has won art at the core.
“National award for manufacturing
competitiveness”. Also the Lens The manufacturing plants at Hosur
manufacturing factory located at and Pantnagar are testimony of our
Noida has been awarded “Green superior quality products. Keeping
Manufacturing Challenges” product and process innovation at its
assessed by International Institute core, we focus on producing unique
for Manufacturing. products which will bring a smile
on the face of our customers. It is Division is agile to cater various
The Jewellery plant is now focused supported by benchmark Refining Consumer segments and launched
on producing Light Weight facility, advanced CNC machines, 3D with differentiated new products
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Jewellery to make it budget- Wax printing machines, benchmark across brands and price points. Some
friendly for its customers through machine-made jewellery infrastructure, of them include new collections with
development of new hard alloy, etc. Our Pantnagar plant has also materials - Aventurine, Meteorite,
design re-engineering and product embarked in the journey of producing Acetate, Paralumin, Sustainable
engineering as there is an unusual platinum products as an added Leathers, Preciosa, Natural Stones and
spike in prices of the precious capability. Our established material New plating colours introduced like
metal and the growing customers’ purity authenticity infrastructure is now Titan - IP Carnation, IPCG, ICE Blue,
Sea Blue, and FT-IP Navy Blue. Some
FINANCIAL STATEMENTS
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the hazard. Hazards identified
during the design stage of the
machines to eliminate or control
through judicious design decisions
CORPORATE OVERVIEW
and engineering.
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3 Continuous improvement and Prime vendors are evaluated on Health and Safety ISO 45001
alignment with business Occupational Health and Safety International Standards. Titan
front and necessary support is is the first organisation in
4 Promote understanding,
extended to make sure that they India accredited with ISO
acceptance and compliance
meet our requirements. 45001 standard certification
with Titan safety management
systems at Contractor/Vendor/ both for its manufacturing
Employee engagement as well as its retail stores,
franchisee end
Engaged employees are central offices and CFAs.
STATUTORY REPORTS
5 Communication & participation to instilling change, encouraging
at all levels. innovation, and ensuring a safe We continued our efforts
workplace. Titan encourages employee in setting Gold standards
Prevention-based approach to speak about workplace safety for safety across all our
through safety alert card system. locations, including retail
The two sides of our preventive
operations to ensure
approach coin are building awareness Project Suraksha every customer who
and proactive initiatives.
This project is aimed to validate and walks in feels safe!
The Company’s core belief lies improve our safety management
in preventive approach through systems to ensure safety of our
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consistent awareness, training, employees as well as customers visiting
retraining and capability building of our Company stores and offices.
its people including all categories
of employees and employees of
vendors and contractors. This
includes a significant focus on
Behaviour-based safety.
FINANCIAL STATEMENTS
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OUTCOME OUTPUT
CORPORATE OVERVIEW
Nos. 220
Watch Brands (Cumulative)
No. of candidates identified as Young Leaders
TITAN (Cumulative)
Nos. 15
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RAGA Jewellery Division
No. of warranty complaints on sales % 0.36
Unemployment SF
Net Promoter Score Score 88
TITAN WORLD Watches Division
% of warranty complaints on sales % 1.84
Inflation HELIOS
Net Promoter Score-World of Titan Score 77
STATUTORY REPORTS
Net Promoter Score-Fastrack Score 73
Jewellery Division
ZOYA
KW per
Specific Consumption of Energy Per Product 11
CARATLANE unit
Gold Price Fluctuation
KL per
Specific Consumption of Water Per Product 0.055
unit
EyeCare Brands
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Water Recycled % 130
Economic Outlook
TITAN EYE+ Watches Division
KW per
FASTRACK Specific Consumption of Energy Per Product 3.09
unit
KL per
GLARES Specific Consumption of Water Per Product 0.01732
unit
Wind Energy Contribution % 81
Creativity and Information
FINANCIAL STATEMENTS
Intellectual Capital
Passion for service, excellence and delivering value
through innovation and technology
The Company’s intellectual capital of the DEC which is supported by develop technology platforms, etc.
is leveraged to provide high quality deriving insights through continuous The focus is on analytics too that
yet affordable products. Driven design research and, understanding gives insights from various aspects
by innovation and creativity, the fashion trends across categories. for customising products and services
Company continues to invest in and retailing which in turn strengthen
concurrent technologies. Since the By the amalgamation of creative ideas the CRM (Customer Relationship
Company is predominantly in the with in-depth emotional detailing of Management) approaches.
area of manufacturing and marketing the product, the Company has been
of branded lifestyle products, able to produce a unique experience The Company’s value proposition
design, innovation, and its Brands for the consumers. Winning the Global comes through leveraging the
constitute the core of the Company’s Red Dot award for Eyewear design strengths and competencies to
intellectual capital. has been one of the key highlights of provide variety of products and
the year. Some of the very successful services in several customer segments.
DEC (Design Excellence Centre) is the collections launched this year across The Company has focused on
design arm of the Company, which businesses pushed the boundary of developing technologies through
caters to the design needs of the design, brought in differentiated look, in-house efforts as well as through
entire organisation across categories – techniques and innovation. collaborative research.
Watches, Jewellery, EyeCare, Fragrance
& Fashion Accessories. At DEC, the The Company’s portfolio of brands Knowledge Management continues
focus is on continuously building continue to symbolise quality, trust, to play a key role in enabling the
Design as a unique and compelling value as well as style and fashion. knowledge-sharing sessions through
differentiator in the sustainable growth The digital strategy is to innovate virtual media, aligning to the business
of the various businesses. User-centred and provide a stream of business goals by leveraging video streaming
design is one of the key strengths solutions, understanding consumers, technologies for product briefing, etc.
Intellectual Capital 47
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Intellectual Capital – Design and Innovation
Business Design and Innovation Products Areas worked upon (material, functionality, design,
Centres/Hubs technology-smart/connected)
Hosur/Hyderabad Watches & Wearables Laser cutting, wire cutting, torch brazing, texturing finish,
new colour laser, investment casting, fine numerals by
CORPORATE OVERVIEW
forming, aluminium case by cold forming, stone set drilling
on 5 axis, etc.
Hosur Jewellery Automatic diamond bagging, hollow ball making, 22kt hard
alloy, low temperature melting gold alloy, stone detection,
investment mixing operation, investment powder removal,
chain making etc.
Chikkaballapur Lenses and Frames Designing of lenses and various types of coatings on lenses
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and manufacturing types of materials for frames
STATUTORY REPORTS
Design Excellence Watches, Jewellery, Designing of watches, jewellery, eyewear and other
Centre, Bengaluru EyeCare products catering to various divisions
Taneira represents a celebration of refined sense of style. Leaning on the The Company also offers SKINN, a
diverse textiles and workmanship in Company’s strengths in the arena of range of fragrances for both men
India. With sarees made out of pure design and self-expression, Taneira is and women. These are designed
and natural fabrics, the brand offers a targeted at the rooted yet progressive with support from strategic
wide variety of sarees in different price Indian woman with its heart-warming associates and, specific focus on
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points. Apart from sarees, Taneira proposition – ‘Sarees, Handmade with bottling and packaging has added
also offers bridal wear, lehengas, Love’. The stores are also specifically to the competitive advantage
stoles and dupattas. Since designs are designed to reflect and celebrate among other aspects.
painstakingly handpicked, the curation the rich tradition of handicrafts and
at Taneira promises exclusivity and a textiles of India. FINANCIAL STATEMENTS
Human Capital
Building talent to drive performance excellence
01-60
Financial Capital
CORPORATE OVERVIEW
The Company aims to create
value for all its stakeholders by
managing the Financial Capital in
a commercially astute and diligent
manner harnessing opportunities
for long-term sustainable economic
growth. While the provision of high
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quality and affordable products
and services directly benefits the
Company’s consumers, focus on
building a profitable and sustainable
business model generates economic
value for varied stakeholder groups.
The Company’s effective management
of cash flows by use of advanced
STATUTORY REPORTS
technologies, well-defined processes,
competent people and resource
management enables in sustaining
and growing its businesses and
thereby deliver a significant positive
contribution to the Financial Capital.
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be higher than the cost of capital.
Interlinkage of Financial Capital with other capitals
Apart from creating value through
its business activities, the resulting The Company boosts investments across value chain be it technologies,
Financial Capital is also reinvested in infrastructure, manufacturing set-ups, marketing, working capital, induction,
each of the other capitals in a carefully development and retention of talent. A combination of these would play
balanced and calibrated manner a key role in providing quality products and service to customers across
to further achieve financial goals markets. This will drive growth of the Company. Consequentially, Financial
FINANCIAL STATEMENTS
and objectives. Funding mechanism Capital would be impacted positively as also other capitals.
such as equity, short-term debt and
operating cash are the main sources of
the Company’s Financial Capital.
50 TITAN COMPANY LIMITED Annual Report 2021-22
01-60
Manufactured Capital
CORPORATE OVERVIEW
The Company’s manufacturing
competence provides the Company
with a significant competitive edge.
Along with vendors, the Company
swiftly responds to dynamic market
requirements. Agility to align to the
required product mix has helped
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in addressing the opportunities in
the market, enabling growth. The
focus remains to build a sustainable
and agile integrated supply chain
ecosystem in India. During the year,
significant efforts were made to
indigenise several parts and thereby
STATUTORY REPORTS
reduce dependence on imports. This
has also led to significant cost savings.
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efficiency and effectiveness of its EyeCare Division. The EyeCare plant as well as with the association of
manufacturing capabilities. With an has added in-house capability of external agencies in the areas of air
aim to leverage opportunities and manufacturing of Sunglasses, which conditioning, lighting, manufacturing
provide employment, apart from also added an opportunity for skill process, cooling system, and
setting up manufacturing plants, building of local people. effluent evaporation systems at its
assembly units, lens labs and Karigar manufacturing facility. During the
Centres, the Company has also built The Jewellery manufacturing year, these conservation initiatives
FINANCIAL STATEMENTS
relationships with a large number of has been effectively utilising have resulted in significant savings in
suppliers and associates. This effective concepts such as Total Productive power and fuel cost.
synchronisation enables the Company Maintenance and Daily Work
to deliver high quality products to Management tools for driving
customers across markets. productivity and improvement
52 TITAN COMPANY LIMITED Annual Report 2021-22
Hosur, Pantnagar and Sikkim Manufacturing and Manufacturing Technology and Equipment
assembly of Jewellery - Waxing, casting, melting, rolling, refining,
Sorting office alloying, assaying, automated component
bagging, robotic kit material, butterfly
manufacturing and investment powder loading,
5 Axis, CNC Machine, Rapid Prototyping, etc.
Chikkaballapur, Noida and Production Lens Labs – Lens manufacturing, glass cutting,
Kolkata of frames and lenses testing and special coating systems and Frame
Manufacturing – Metal Line.
01-60
Natural Capital
CORPORATE OVERVIEW
The Company has established several
processes to ensure it buys products
and services from responsible vendors.
Responsible sourcing strategy in the
Jewellery division coupled with the
initiatives has resulted in the creation
of Karigar Park. The Company’s
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Karigar Centre transforming the way
in which jewellery is made in the
country, are benchmark practices
in the industry.
Looking Ahead
The Company will continue to focus
STATUTORY REPORTS
on providing a wide range of high
quality products in the sectors in
which it operates, with emphasis on
enhancing the economic and social
well-being of all its stakeholders.
As a responsible manufacturer, the across its manufacturing locations
Company recognises the importance and has also set targets for
Further, the Company is at the
and use of natural resources while improvement on environmental forefront of leveraging opportunities
creating valued products. The aspects. All manufacturing units to drive growth that will create
Company is committed to minimising have implemented various energy greater value to stakeholders in
the negative environmental impact and fuel conservation projects which an innovative and agile manner in
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of its operations including from have resulted in significant reduction the fast-changing digital world.
the manufacturing units, Karigar in energy consumption thereby The Company is confident that
Centres and office spaces. Established improving efficiency and cost savings. the strategies laid out by it, led by
mechanisms coupled with internal These have led to recognitions from consumer understanding and insights
controls help in mitigating the risks several industry bodies. will be of huge advantage. The solid
associated with increasingly stringent pipeline of new and differentiated
requirements regarding air quality and Sourcing products backed by calibrated
FINANCIAL STATEMENTS
effluent management. The Company Further, in manufacturing and investments in product development,
has defined and communicated a well- supply chain, the Company has been retail and advertising and demand
articulated policy on sustainability. recycling gold and brass that are generation will enable the Company
used for making various products. to achieve its growth targets. The
The Company continues to implement The Jewellery exchange programme Company will continue to cherish its
several initiatives to reduce specific acts as a channel for the Company to people driving and accomplishing
energy and water consumption source customers’ gold for processing. extraordinary outcomes.
54 TITAN COMPANY LIMITED Annual Report 2021-22
Awards
The Company has won the prestigious Red Dot Award
2022 for design quality and degree of innovation in two
categories - Product Design as well as Smart Product
for the Titan EYEX glasses which was designed by the
Company’s Design Excellence Centre.
The “Red Dot” is the award for high design quality. The
international jury only awards this sought-after seal of
quality to products that feature an outstanding design.
01-60
CORPORATE OVERVIEW
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STATUTORY REPORTS
India's Best Boards Award
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The Award followed a three-stage assessment framework of
400 companies listed on the National Stock Exchange (NSE)
that benchmarked them for their financial performance
(Economic Value Creation), Board effectiveness (Board
Governance Assessment Survey) and Investor Perception.
FINANCIAL STATEMENTS
Mr. C K Venkataraman
accepting the India’s
Best Boards Award
Sudha Natrajan - Preety Kumar - Managing
Economic Times Partner - AMROP India
Talks about India’s Talks about India’s
Best Boards Award Best Boards Award
56 TITAN COMPANY LIMITED Annual Report 2021-22
Board of Directors
(as of 3rd May 2022)
Mr. S Krishnan is a 1989 Batch IAS Mr. N N Tata joined the Board of Mr. Bhaskar Bhat is a B.Tech
Officer who has held many key Directors of the Company on 7th (Mechanical Engineering) degree
positions in various departments in August, 2003. He has been associated holder of IIT - Madras, and a
the Government of Tamil Nadu and with the Tata group for over 40 years Post Graduate Diploma Holder
Government of India. and currently serves on the Board in Management from IIM –
of various Tata Group Companies, Ahmedabad. He was awarded
Presently, Mr. S Krishnan is including as the Chairman of Trent the Distinguished Alumnus Award
the Additional Chief Secretary, Limited, Tata International Limited, of IIT Madras in 2008. Bhaskar
Industries Department. During Voltas & Tata Investment Corporation started his journey in the Tata
his career spanning more than 32 and as the Vice Chairman of Tata Steel
Group with the Tata Watch Project
years, he has held key positions and Titan Company Limited.
in 1983, later to become Titan
of Sub collector, Cuddalore,
He also serves as a Trustee on the Watches Limited, and now Titan
Collector Viruthunagar, Managing
Board of Sir Ratan Tata Trust and Sir Company Limited. At Titan, Bhaskar
Director Tamilnadu Text Book
Dorabji Tata Trust. dealt with Sales & Marketing, HR,
Corporation, Member Secretary,
His last assignment was as the International Business and various
Sports Development Authority
Managing Director of Tata International general managerial assignments.
and Chairman, Fifth State
Limited, the trading and distribution He then took over as Managing
Finance Commission and CEO,
arm of the Tata Group, between Director of the Company on April
Tamilnadu Infrastructure Board.
August 2010 and November 2021, 1, 2002, and held the position till
He worked in Government of
where he grew the company from his superannuation on September
India as Secretary to Finance
a turnover of USD 500 million to 30, 2019. Subsequently, he was
Minister and Senior Advisor, Office
over USD 3 billion. Prior to Tata appointed as a Non-Executive
of the Executive Director for
International, Mr. Tata served as the Non-Independent Director of
India, Sri Lanka, Bangladesh and
Managing Director of Trent Limited the Company with effect from
Bhutan, International Monetary
for more than 11 years, where he has October 1, 2019.
Fund, Washington DC.
overseen the growth of Trent across
formats – from a one store operation
in 1998 to over 400 stores across
formats in 2022.
Mr. Tata graduated from Sussex
University (UK) and has completed the
International Executive Programme
(IEP) from INSEAD.
Board of Directors 57
01-60
CORPORATE OVERVIEW
Mr. C K Venkataraman Ms. Jayashree Muralidharan Mr. Pankaj Kumar Bansal
Managing Director Director Director
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Mr. C K Venkataraman became a Ms. Jayashree Muralidharan is Mr. Pankaj Kumar Bansal has a
Director designated as Managing a 2002 batch IAS Officer, who Mechanical Engineering degree
Director of Titan with effect has held many key positions from the Indian Institute of
from October 1, 2019. He is a in various departments in the Technology (IIT) (Banaras Hindu
Post Graduate Diploma holder in Government of Tamil Nadu. University), Varanasi. He also has
Management from IIM-Ahmedabad Ms. Jayashree Muralidharan has a master’s in Thermal Engineering
STATUTORY REPORTS
and had joined Titan in 1990 two decades of wide experience from IIT Delhi. A 1997 batch IAS
and worked in the Advertising in Public Administration. She is officer of the Tamil Nadu cadre,
and Marketing functions before currently the Special Secretary, Mr. Bansal has worked in various
becoming the Head of Sales & to the Government of Industries capacities at the district and
Marketing for the Titan brand in Department, Tamil Nadu. grassroots levels. He is currently
2003. Thereafter, he took charge the Chairman and Managing
of the Jewellery Division in 2005 Director of TIDCO. Prior to being
and subsequently became the Chief the Chairman of TIDCO, he was
Executive Officer of the Jewellery Chairman of Tamilnadu Generation
Division before being elevated to and Distribution Corporation
Managing Director. Limited (TANGEDCO). Prior to the
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same, he was Managing Director of
Chennai Metro Rail Limited.
FINANCIAL STATEMENTS
58 TITAN COMPANY LIMITED Annual Report 2021-22
Mr. Ashwani Puri joined the Board Mr. B Santhanam joined the Board Mr. Pradyumna Vyas joined the
of Directors of the Company on of Directors of the Company on Board of Directors of the Company
6th May, 2016. He has extensive 10th May 2018. Mr. Santhanam is on 25th March 2019. He acquired a
experience in investment/ the founder Managing Director Masters in Industrial Design from
acquisition advisory services, of Saint-Gobain Glass India and the Indian Institute of Technology,
valuations and decision analysis, has handled critical functions Bombay. In June 2010, Vyas
business and financial restructuring, of Information Technology, was conferred with an Honorary
dispute analysis and forensics. Operations, Product Development, Master of Arts Degree from the
Mr. Puri has served on various Sales and Marketing at Grindwell University for the Creative Arts
committees of the Banking Norton (Saint-Gobain Group in Farnham, United Kingdom in
Division/Ministry of Finance, Company). Since July 2021, recognition of his contributions
Ministry of Corporate Affairs and Mr. Santhanam is CEO of Saint- to design education and design
INSOL International and also served Gobain APAC and India Region promotion. Vyas has more than
as a member of PWC’s Global and Member of Global Executive 33 years of professional and
Advisory Leadership Team. Mr. Puri Committee of Saint-Gobain, France. teaching experience in different
is currently the Managing Partner spheres of design. Mr. Vyas had
of Veritas Advisors LLP, which been associated with the National
provides strategy, governance and Institute of Design (NID) as a faculty
financial advisory services. in the Industrial Design discipline.
Board of Directors 59
01-60
CORPORATE OVERVIEW
Mr. Sandeep Singhal Dr. Mohanasankar Sivaprakasam Ms. Sindhu Gangadharan
Independent Director Independent Director Independent Director
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Mr. Sandeep Singhal co-founded Dr. Mohanasankar Sivaprakasam Ms. Sindhu Gangadharan is SVP
Nexus Venture Partners in 2006. joined the Board of Directors of and Managing Director of SAP
Nexus manages over $1.5 billion the Company on 3rd July 2019. He Labs in India, responsible for SAP’s
and has an active portfolio has acquired a Ph.D. in Electrical development facilities in Bangalore,
of over 75 companies across Engineering from the University Pune, Mumbai and Gurgaon.
the technology, enterprise, of California, M.S. in Electrical SAP Labs India is the largest R&D
STATUTORY REPORTS
consumer services, internet and Engineering from North California center outside SAP’s headquarters
mobile, alternate energy and State University and B. Tech in in Germany and a leading hub
agribusiness sectors. Instrumentation Engineering from for innovation and a hot spot for
Anna University, India. He has won talent and diversity.
Prior to Nexus, Sandeep was
the Indian National Academy of
co-founder & CEO of Medusind Sindhu has played a pivotal role in
Engineering (INAE) Young Engineer
Solutions, a leading healthcare BPO shaping SAP’s Integration strategy
Award and IITM’s Institute R&D
acquired by a US private equity by growing SAP’s Integration
Early Career Award in the year
firm, and previously a co-founder product portfolio as Head of
2015. His research interest lies in
& MD of eVentures India, where Product Management for SAP
medical devices and diagnostics,
he invested in CustomerAsset and Cloud Platform Integration, IoT
biomedical instrumentation,
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MakeMyTrip. He has held senior and SAP Process Orchestration.
affordable healthcare technologies,
roles at McKinsey & Company in Her deep technical expertise
healthcare delivery models for
their US offices. and business knowledge led her
resource-constrained settings.
to head the critical integration
Sandeep has an MBA (with He has published over 180
function in SAP’s Technology and
Distinction) from The Wharton peer-reviewed papers in leading
Innovation organisation in the
School with a dual Major in journals and conferences. He
Office of the CTO.
Finance and Marketing, and a is currently Associate Professor
FINANCIAL STATEMENTS
Corporate Information
(as of 3rd May 2022)
BOARD COMMITTEES
Audit Committee Executive Committee REGISTERED OFFICE
1) Mr. Ashwani Puri (Chairman) 1) Mr. Bhaskar Bhat 3, SIPCOT Industrial Complex
2) Mr. Pankaj Kumar Bansal 2) Mr. B Santhanam Hosur - 635 126, Tamil Nadu
3) Mr. B Santhanam 3) Ms. Jayashree Muralidharan
4) Mr. Bhaskar Bhat CORPORATE OFFICE
5) Dr. Mohanasankar Sivaprakasam Investment Committee “INTEGRITY”, No. 193, Veerasandra,
6) Ms. Sindhu Gangadharan 1) Mr. Ashwani Puri Electronics City P.O.,
7) Mr. Sandeep Singhal 2) Mr. Sandeep Singhal Off Hosur Main Road
3) Mr. Bhaskar Bhat Bengaluru - 560 100
Nomination & Website: www.titancompany.in
Remuneration Committee CHIEF FINANCIAL OFFICER
1) Mr. B Santhanam (Chairman) Mr. Ashok Sonthalia REGISTRAR AND
2) Mr. N N Tata TRANSFER AGENT
3) Mr. Pankaj Kumar Bansal GENERAL COUNSEL & TSR Consultants Private Limited
4) Ms. Sindhu Gangadharan COMPANY SECRETARY Unit - Titan Company Limited
5) Mr. Pradyumna Vyas Mr. Dinesh Shetty C 101, 1st Floor, 247 Park,
6) Mr. Sandeep Singhal L.B.S. Marg, Vikhroli (West),
AUDITORS Mumbai - 400 083
Corporate Social B S R & Co. LLP Email: csg-unit@tcplindia.co.in
Responsibility Committee Chartered Accountants Website: www.tcplindia.co.in
1) Mr. Pradyumna Vyas (Chairman)
2) Dr. Mohanasankar Sivaprakasam BANKERS 38TH ANNUAL GENERAL MEETING
3) Ms. Jayashree Muralidharan Canara Bank Tuesday, 26th July 2022 at 10.30 A.M.
4) Mr. C K Venkataraman State Bank of India through Video Conference/Other
(Managing Director) Axis Bank Audio Visual Means
The Hongkong and Shanghai
Risk Management Committee Banking Corporation BOOK CLOSURE DATES
1) Mr. Sandeep Singhal (Chairman) Standard Chartered Bank 12th July 2022 to 26th July 2022
2) Mr. Ashwani Puri HDFC Bank
3) Ms. Jayashree Muralidharan Union Bank of India CORPORATE IDENTIFICATION
4) Dr. Mohanasankar Sivaprakasam ICICI Bank NUMBER
5) Mr. C K Venkataraman Citi Bank L74999TZ1984PLC001456
(Managing Director) Kotak Mahindra Bank
IDFC Bank
Stakeholders Relationship IndusInd Bank
Committee YES Bank
1) Mr. B Santhanam (Chairman) RBL Bank
2) Ms. Jayashree Muralidharan Karur Vysya Bank
3) Mr. Bhaskar Bhat Bank of Baroda
4) Mr. C K Venkataraman IDBI Bank
(Managing Director)
Ethics Committee
1) Mr. Pradyumna Vyas (Chairman)
2) Mr. Ashwani Puri
3) Ms. Jayashree Muralidharan
4) Mr. C K Venkataraman
(Managing Director)