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Titan slides as net profit growth lags top line growth

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Titan Company fell 3.28% to Rs 478.30 at 11:47 on after net profit rose 7.4% to Rs 200.71 crore on 43.4% growth in net sales to Rs 3429.70 crore in Q4 March 2017 over Q4 March 2016.

The result was announced after market hours on Friday, 12 May 2017.

Meanwhile, the S&P Sensex was up 136.09 points or 0.45% at 30,324.24.

On the BSE, 1.89 lakh shares were traded on the counter so far as against the average daily volumes of 1.27 lakh shares in the past one quarter. The stock had hit a high of Rs 495 and a low of Rs 472.80 so far during the day.

The stock had hit a record high of Rs 505.65 on 12 May 2017 and a 52-week low of Rs 296.30 on 21 November 2016. It had outperformed the market over the past one month till 12 May 2017, advancing 3.04% compared with the Sensex's 1.84% rise. The scrip had also outperformed the market over the past one quarter, gaining 14.8% as against the Sensex's 6.54% rise.

The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Rs 1.

Titan's Managing Director Bhaskar Bhat said that FY 2017 was an extremely satisfying year in terms of company performance, given the market conditions. The strength of company's brands, the reach of its retail and distribution network and the effectiveness of new product introductions and marketing campaigns was tested in a difficult environment.

The various businesses of the company retained their focus on the company and took bold steps, wherever needed, to drive growth and enhance profitability, Bhat added.

Titan's board recommended a dividend of Rs 2.60 per share for FY 2017.

Titan Company's main business lines are watches, jewellery and eyewear.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 15 2017. 11:48 IST