Titan Q1 net down 15% at Rs 151 crore; jewellery sales fall

Titan Company Ltd today reported a 14.79 per cent decline in profit after tax at Rs 151.06 crore for the first quarter ended June 30, due to decline in jewellery sales.

The Tata Group firm had reported profit after tax of Rs 177.27 crore in the corresponding quarter a year ago.

Titan's net sales were at Rs 2,686.71 crore during the quarter under review, down 5.85 per cent as against Rs 2,853.66 crore in the year-ago period.

Sales in Titan's jewellery business declined by 10.9 per cent to Rs 2,072.03 crore, while watches business sales grew by 9.1 per cent to Rs 484.54 crore.

Titan's eyewear business sales increased by 19.7 per cent to Rs 109.77 crore while other businesses including precision engineering grew by 36.3 per cent to Rs 46.85 crore.

Titan Company shares were trading at Rs 324.40 apiece on BSE, down 4.49 per cent just before market close.