Titan Company witnessed a steep drop in second-quarter profit as a result of a decline in its watch and jewellery businesses.
The net profit for the quarter ended September 30 was Rs.145.39 crore, a decline of more than 39 per cent, when compared with the Rs.239.98 crore reported for the comparable period last year.
Net sales of the company for the July-September quarter stood at Rs.2,654 crore (Rs.3,565 crore), a decline of 26 per cent when compared with a year-ago period. Commenting on the company’s performance Bhaskar Bhat, Managing Director of Titan said: “This was an extremely challenging quarter for the company and we witnessed an income decline of 25 per cent. While our watches business witnessed a growth of low single digit at 4.4 per cent, the jewellery business had a difficult quarter with a decline over last year.”
ADVERTISEMENT
Further, he said, the industry saw a tough period with gold imports declining.
The jewellery business of the company recorded an income of Rs.1,981 crore in Q2 as against Rs.2,929 crore last year, he said.