India's top jeweller Titan (TITN.NS) ​reported fourth-quarter profit below market expectations ‌on Tuesday, as higher costs overcame demand for gold ornaments and coins.

Titan, home to the ​Tanishq and CaratLane jewellery brands, ​said profit stood at 11.79 billion ⁠rupees ($124.60 million) for the quarter ended ​March 31, compared to 8.71 billion rupees ​a year earlier.

Analysts, on average, had expected 13.92 billion rupees, according to data from LSEG.

Gold ​prices rallied over the last 12 ​months, with geopolitical and macroeconomic uncertainty contributing to inflation ‌fears ⁠and a weak growth outlook.

That posed a threat to jewellers' margins, even as demand for gold ornaments and coins ​held steady ​with ⁠more consumers visiting Titan's stores.

Higher raw material costs and ​increased advertising spending pushed Titan's ​total ⁠expenses 85% higher to 255.79 billion rupees.

Sale of products rose to 206.07 ⁠billion ​rupees, from 138.97 billion ​rupees a year earlier.

($1 = 94.6237 Indian rupees)