Business

Titan Q2 profit plunges 38%to ₹199 crore

Titan Company on Wednesday reported a 38% plunge in net profit to ₹199 crore for the second quarter ended September 30 from a year earlier.

Total income fell 1.7% to ₹4,389 crore.

For the first half, total income stood at ₹6,290 crore, a decline of 34% from the year-earlier period. The company posted a loss of ₹71 crore against a profit of ₹691 crore.

During the quarter, the company sold gold to the extent of ₹391 crore, posting a decline of 11% in bullion sales.

“E-commerce is leading the recovery with absolute growth but the trade channel continues to pose challenges primarily due to destocking,” Titan said in a regulatory filing.

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Printable version | Dec 2, 2020 9:29:27 AM | https://www.thehindu.com/business/titan-q2-profitplunges-38to-199-crore/article32966466.ece

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