Titan Q2 profits decline 25% to Rs 145.39 crore

Titan, Tata Group's watch and jewellery maker said second quarter profits declined 25% to Rs 145.39 crore on weak consumer demand for its watches and the impact of the withdrawal of its savings cum purchase scheme for gold jewellery.

Revenue declined by 16.8% to Rs 2654 crore. Titan had reported profit of Rs 239.8 crore and revenues of Rs 3564 crore between July and September last year.

"This was an extremely challenging quarter for the company and we witnessed an income decline of 25%. While our watches business witnessed a growth of low single digit at 4. 4%, the jewellery business had a difficult quarter with a decline over last year," said Bhaskar Bhat, managing director of Titan in a statement