Tata Group firm Titan Company Ltd today reported 14.4 per cent decline in net profit to Rs 184.11 crore for the fourth quarter ended March 31, 2015-16, mainly due to lower sales.
The company had reported net profit of Rs 215.09 crore in the same quarter of 2014-15.
Titan's net sales fell by 1.5 per cent to Rs 2,437.15 crore during the quarter under review, as against Rs 2,474.43 crore in the year-ago period.
"The financial year as well as the last quarter of 2015-16 was an extremely challenging one for the company...On account of weak market conditions for all businesses and new regulatory restrictions for the jewelery business... Weak consumer sentiment had an impact on retail sales across all businesses," Titan said.
For 2015-16, Titan reported net profit of Rs 705.85 crore compared with Rs 823.07 crore in the previous year.
Titan's net sales in the year ended March 31, 2016, stood at Rs 11,176.9 crore as against Rs 11,791.04 crore in the previous fiscal year.
The company's stock closed at Rs 364.10, up 1.31 per cent, on BSE.
