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

"Consumption is weak, but Titan doing well due to market share gain," said Subramaniam adding that the recent rise in gold price has impacted consumer sentiment.

According to him, liquidity concerns have slowed down growth in the industry.

Talking about the upcoming festival season, he said, “It is difficult to estimate that now because it’s coinciding. Yes, it’s a festival season; typically Akshaya Tritiya is a boom season, a lot of gold is purchased during this period but with the elections coming, we are not sure what sort of impact that is going to have on the sales.”

“We do think it may, at best, interrupt sales during the election period in each of those states. So it could be spread across but I do not believe it may be a period of lower sales for the entire period of the election. I have a feeling that it will affect each of those states at the time of the election there,” he added.