Titan Company hits 52-week low on disappointing Q1 results

The stock dipped 5.5% to Rs 321 after the company reported a 15% Y-o-Y decline in net profit at Rs 151 crore in the June quarter.

SI Reporter Mumbai
Last Updated : Jul 31 2015 | 3:32 PM IST
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.

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First Published: Jul 31 2015 | 3:26 PM IST

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