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Impacted by weak consumer sentiment, watch and jewellery major Titan Industries posted a 9 per cent year-on-year growth in net profits in Q1 of the current fiscal to Rs 156 crore.
Sales income grew 9.2 per cent to Rs 2,206 crore. Terming the sales during the quarter as ‘disappointing,’ the company’s Managing Director, Mr Bhaskar Bhat, said that factors such as high inflation, weak rupee and poor monsoon could adversely impact the company’s targeted growth.
The company’s jewellery division’s revenue during the period grew 7.8 per cent to Rs 1,776 crore while the watch division revenues increased 14.4 per cent to Rs 361 crore. The company’s shares fell 4.2 per cent to close at Rs 222.25.
Meanwhile, a BSE listing said Mr R. Poornalingam, Independent Director, who retired by rotation was not reappointed by the shareholders and they resolved not to fill up the vacancy.
Mr Bhat, who has been reappointed MD of Titan for an additional term of five years, told Business Line , “TIDCO wanted a modification to the resolution (on Mr Poornalingam’s re-appointment) and through a show of hands it was decided that Independent Director Mr R. Poornalingam not be re-elected.”
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