Titan Shares Drop 4% After Q2 Earnings Miss

New Delhi, Nov 6 (PTI) Shares of leading jewellery retailer and watchmaker Titan fell by nearly 4 per cent on Wednesday morning after the firm reported a 23 per cent decline in consolidated net profit to Rs 704 crore for the second quarter ended on September 2024.

The stock declined 3.69 per cent to Rs 3,113.65 on the BSE.

At the NSE, it went lower by 3.59 per cent to Rs 3,114.

The stock emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms during the morning trade.

The broader markets were trading firm with the BSE Sensex climbing 277 points to 79,753.63 and the Nifty quoting 102 points higher at 24,314.65.

The company posted a net profit of Rs 916 crore in the July-September quarter a year ago, according to a regulatory filing from Titan on Tuesday.

However, its sales were up 25.82 per cent to Rs 13,473 crore during the quarter under review. It was Rs 10,708 crore for the corresponding quarter.

Total expenses of Titan increased 20.23 per cent to Rs 13,709 crore in the June quarter.

Titan's total income in the September quarter rose 15.83 per cent to Rs 14,656 crore.