Titan Q1 net down 2.85% at Rs 177.27 crore

Titan Company Ltd today reported 2.85 per cent decline in net profit at Rs 177.27 crore for the first quarter ended June 30, 2014, due to lower jewellery sales.

The company had reported net profit of Rs 182.48 crore in the corresponding quarter a year ago.

Titan's net sales were at Rs 2,853.66 crore during Q1, 2014-15, down 7.58 per cent as against Rs 3,087.79 crore in the year-ago period.

"As expected the sales income for the company in Q1 dropped by 7.6 per cent largely on account of an unprecedented Q1 of 2013-14 which had witnessed a 47 per cent growth in the jewellery business last year when gold prices fell sharply," Titan said in statement.

Commenting on the results, Titan Industries Managing Director Bhaskar Bhat said: "Due to extraordinary first quarter witnessed by jewellery business last year, the top line growth in this quarter was tough. Regulatory pressures faced by the jewellery industry have amplified the challenge."

During the quarter, Titan's jewellery business declined by 10.1 per cent to Rs 2,325.27 crore while watches business grew by 10.4 per cent to Rs 439.98 crore.

Overall expenses of the company were at Rs 2,641.4 crore during the quarter under review, down 8.22 per cent as compared with Rs 2,877.35 crore in the year-ago period.

Shares of Titan Company were trading at Rs 327.80 apiece in the afternoon trade, down 3.89 per cent from their previous close on the BSE.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Kejriwal will do well to ignore the bickering and get on with work

    Psychologists explain implosion as a form of behaviour involving intensive recollection and review of anxiety-producing situations or events in an att

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Today's Columns

Simon J Evenett

Are you keeping an eye on BRIC reforms?

When the history of state action during the crisis era ...

Kuruvilla Pandikattu SJ

How do we explain pain and passion?

The holy week that the christians celebrate this week recalls ...

Shona Adhikari

Anjolie Ela Menon, the storyteller, is back

Anjolie Ela Menon, one of India’s most celebrated artists, is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture