S Subramaniam, CFO of Titan Co, spoke to CNBC-TV18 about the company's business plans and growth prospects.

"The demand situation as it has been for some time but there has been some improvement post-Akshaya Tritiya. The demand is not as buoyant as we expected it to be. The challenges are still there from an industry perspective but for Titan, we have been doing decently. The market share gain continues to happen all across but the industry is going through a steady pace of slow growth,” Subramaniam said on Thursday.

Talking about the industry demand, he said, "Demand depends on customer sentiment, which depends on macroeconomic factors like monsoon etc. The industry growth will be anyway in single-digit and so if the industry grows at 6-7 percent it would very good the circumstances. That is what we are expecting and it makes our job easier also to grow at 20 percent.”

With regards to the impact of a spike in gold prices on demand, Subramaniam said, "It usually delays the purchases till the customer can afford to delay or till the time of occasion (wedding or festival). Secondly, the customers have a budget in mind and so they would likely comprise on the grams of gold purchase but the budget remains the same."

"The target of 70 stores for FY20 still remains as of now," he said.