 "Titan Company hits 52-week low on disappointing Q1 results")
Shares of Titan Company dipped 5.5% to Rs 321, also their 52-week lows on the BSE, after the company reported a 15% year-on-year (YoY) decline in net profit at Rs 151 crore for the quarter ended June 30, 2015 (Q1), due to lower sales.
The company had posted a profit of Rs 177 crore in the same quarter a year ago.
Net sales declined by 6.3% at Rs 2,709 crore on a Y-o-Y basis.
The jewellery income in Q1 was Rs 2,072 crore as against Rs 2,325 crore, a decline of 10.9%. The jewellery business continues to face regulatory pressures that have an adverse impact on sales, Titan Company said in a press release.
Retail sales of both core businesses watches and jewellery have been below expectations due to reduced walk-ins, the company added.
At 03:25 PM, the stock was down 4.6% at Rs 324 with a combined 3.86 million shares changing hands on the counter on the BSE and NSE.
The company had posted a profit of Rs 177 crore in the same quarter a year ago.
Net sales declined by 6.3% at Rs 2,709 crore on a Y-o-Y basis.
The jewellery income in Q1 was Rs 2,072 crore as against Rs 2,325 crore, a decline of 10.9%. The jewellery business continues to face regulatory pressures that have an adverse impact on sales, Titan Company said in a press release.
Retail sales of both core businesses watches and jewellery have been below expectations due to reduced walk-ins, the company added.
At 03:25 PM, the stock was down 4.6% at Rs 324 with a combined 3.86 million shares changing hands on the counter on the BSE and NSE.