Titan has posted a 25% dip in its net profit at Rs 4 crore for quarter-ended June 30 (Q1FY07) as compared to Rs 5 crore for Q1FY06.The total income (net of excise) has increased 50% from Rs 293 crore in Q1FY06 to Rs 442 crore for Q1FY07.According to Titan, last year there was a deferred tax credit of Rs 3.63 crore and tax payable was Rs 1.25 crore. Profit after taxes at Rs 5.02 crore, was thus higher than the PBT for the quarter. This year, the deferred tax credit is only Rs 0.67 crore and taxes payable for the quarter is Rs 1.84 crore. Thus, profit after taxes at Rs 4.09 crore, is lower than in the first quarter of the previous year.
