Titan Company fell 6.36% to Rs 346.50 at 9:34 IST on BSE after net profit rose 4.19% to Rs 215.09 crore on 11.19% decline in total income to Rs 2512.05 crore in Q4 March 2015 over Q4 March 2014.
The result was announced after market hours yesterday, 7 May 2015.
Meanwhile, the BSE Sensex was up 306.87 points, or 1.15%, to 26,905.98.
On BSE, so far 1.66 lakh shares were traded in the counter, compared with an average volume of 88,293 shares in the past one quarter.
The stock hit a high of Rs 349.45 and a low of Rs 335 so far during the day. The stock hit a record high of Rs 448 on 3 February 2015. The stock hit a 52-week low of Rs 269.75 on 8 May 2014.
The stock had underperformed the market over the past one month till 7 May 2015, sliding 8.73% compared with 6.72% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 11.11% as against Sensex's 7.38% fall.
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The large-cap company has an equity capital of Rs 88.78 crore. Face value per share is Re 1.
On a consolidated basis, Titan Company's net profit rose 11.06% to Rs 816.26 crore on 8.48% rise in total income to Rs 11984.16 crore in the year ended March 2015 over the year ended March 2014.
Titan Company said that the year ended March 2015 (FY 2015) witnessed aggressive expansion of its retail network with a net addition of 123 stores by watches, jewellery and eyewear businesses. As on 31 March 2015, the company had 1,201 stores, with over 1.59 million square feet (msf) of retail space delivering a retail turnover in excess of Rs 11770 crore, Titan said in a statement.
Bhaskar Bhat, Managing Director of Titan Company said that the economic outlook for the year 2014-15 was quite good but improvement in consumer demand has been quite lukewarm. The company's jewellery business was also adversely impacted due to regulatory changes and termination of the consumer friendly Golden Harvest Scheme, Bhat said. All the company's brands witnessed good growth during the first half but post Diwali season it has seen tapering of growths, Bhat said. Titan will however continue to invest in strategic initiatives taking into account its long term and sustainable growth plans, Bhat said in a statement.
Meanwhile, the company announced after market hours yesterday, 7 May 2015, that its board approved the transfer of the Precision Engineering Business Division to its wholly owned subsidiary Titan Engineering and Automation subject to such approvals as may be statutorily applicable through a court approved scheme of arrangement.
Titan Company started first with watches, moved into jewellery making, followed by developing automation solutions and precision components manufacturing and then onto high quality optical lens manufacturing.
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