Titan Shares Drop 3% After Earnings: Q1 Profit Down
Aug 05, 2024 17:08
Titan shares fell nearly 3% after the company reported a 5.42% decline in net profit for the June quarter, despite a rise in sales. The jewellery retailer's net profit reached Rs 715 crore.
Photograph: Courtesy, Titanwatches/X
New Delhi, Aug 5 (PTI) Shares of Titan on Monday dropped nearly 3 per cent after the company reported a 5.42 per cent fall in its consolidated net profit to Rs 715 crore for the quarter ended in June 2024.
The stock fell by 2.57 per cent to settle at Rs 3,374.20 on the BSE. During the day, it dropped 7.56 per cent to Rs 3,201.05.
At the NSE, shares of the firm declined 2.35 per cent to Rs 3,380.85.
The leading jewellery retailer and watchmaker posted a net profit of Rs 756 crore in the April-June quarter a year ago.
However, its sales were up 12.64 per cent to Rs 12,223 crore during the quarter under review. It was Rs 10,851 crore for the corresponding quarter, according to a regulatory filing.
Total expenses increased 12.75 per cent to Rs 12,413 crore in the June quarter. Titan's total income in the June quarter rose 11.44 per cent to Rs 13,386 crore.
During the quarter, Titan's jewellery business revenue increased 10.4 per cent to Rs 11,808 crore.
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