Drop in jewellery business has dragged Titan Company’s net profit by 18.75 per cent to ₹165.67 crore.
In a press statement, the company said total income decreased 11.33 per cent to ₹2,675.77 crore. “The overall trend in sales over the last three quarters has been similar across all brands and channels with Q3 registering the lowest growth this year due to a poor festival season,” the statement said.
The income from watches was ₹455.48 crore in Q3, registering a growth of 7.5 per cent. Jewellery business recorded a decline of 15.4 per cent to ₹2,126.67 crore for the same period due to a lower demand for gold jewellery.
"The sentiments in the market continue to be weak and the company witnessed an extremely poor retail sales,” said Managing Director Bhaskar Bhat.