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Titan Company has dipped 7% to Rs 343 on the NSE in early morning trades after reporting a marginal growth of 4.3% in net profit at Rs 215 crore for the fourth quarter ended March 2015 (Q4), as poor consumer sentiment led to a decline in sales during the quarter. The company had posted a profit of Rs 206 in the year-ago quarter.
Operating profit for the company during the quarter went down 9.42% to Rs 250 crore from Rs 276 crore in the corresponding quarter. Net sales during the quarter declined 11.2% to Rs 2,474 crore as against Rs 2,787 crore a year ago.
Analysts on an average had expected profit of Rs 234 crore on net sales of Rs 3,019 crore.
"The economic outlook for the year 2014-15 was quite good, but improvement in consumer demand has been quite lukewarm. Our jewellery business was also adversely impacted due to regulatory changes and termination of the consumer friendly Golden Harvest Scheme," Bhaskar Bhat, Managing Director, Titan Company said.
The stock opened at Rs 340 and hit a low of Rs 334 on the NSE. Till 0919 hours, a combined 888,989 million shares changed hands on the counter on the NSE and BSE.
Operating profit for the company during the quarter went down 9.42% to Rs 250 crore from Rs 276 crore in the corresponding quarter. Net sales during the quarter declined 11.2% to Rs 2,474 crore as against Rs 2,787 crore a year ago.
Analysts on an average had expected profit of Rs 234 crore on net sales of Rs 3,019 crore.
"The economic outlook for the year 2014-15 was quite good, but improvement in consumer demand has been quite lukewarm. Our jewellery business was also adversely impacted due to regulatory changes and termination of the consumer friendly Golden Harvest Scheme," Bhaskar Bhat, Managing Director, Titan Company said.
The stock opened at Rs 340 and hit a low of Rs 334 on the NSE. Till 0919 hours, a combined 888,989 million shares changed hands on the counter on the NSE and BSE.
