Shares of prominent jewellery retailer and watchmaker Titan experienced a decline of nearly 4 percent on Wednesday morning following the announcement of a 23 percent drop in consolidated net profit, which amounted to Rs 704 crore for the second quarter ending September 2024.
On the BSE, the stock fell by 3.69 percent, reaching Rs 3,113.65.
At the NSE, it decreased by 3.59 percent to Rs 3,114.
During morning trading, the stock was the largest underperformer among companies listed on the BSE Sensex and NSE Nifty.
In contrast, the broader market showed strength, with the BSE Sensex rising by 277 points to 79,753.63, and the Nifty gaining 102 points to reach 24,314.65.
According to a regulatory filing from Titan on Tuesday, the company reported a net profit of Rs 916 crore for the same quarter last year.
Despite the profit decline, sales increased by 25.82 percent to Rs 13,473 crore in the quarter under review, compared to Rs 10,708 crore in the corresponding period last year.
Titan’s total expenses rose by 20.23 percent to Rs 13,709 crore in the June quarter.
The total income for Titan in the September quarter increased by 15.83 percent, amounting to pRs 14,656 crore.
