Lower profit for Titan Industries

Titan Industries has reported a lower net profit of Rs. 241.99 crores for the half-year ended September 30, 2001 against Rs. 297.52 crores during the corresponding period last year.

The main reason attributed to the profit decline in H1, has been the reduction in primary sales of the watch division combined with trade downstocking. This has resulted in a loss of Rs. 9.90 crores for H1, 2001 against a profit of Rs. 11.74 crores.

In the second quarter ended September 30, 2001, Titan posted a profit before tax of Rs. 4.71 crores with the income at Rs. 139.19 crores, reflecting a dive in both income and profit as compared to Q2, the previous year. Last year, the company had recorded an income of Rs. 173.64 crores and a profit before tax of Rs. 11.59 crores for the second quarter.

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