BENGALURU : Titan Co Ltd reported a 2.8% year-on-year fall in Apr-Jun net profit to 1.77 bln rupees, and a 7.5% decline in revenue to 28.54 bln rupees. The profit was below analysts’ estimates of 1.84 bln rupees, up 1%. The topline during the quarter dropped largely due to an “unprecedented Q1 of 2013-14, which had witnessed a 47% growth in jewellery business last year when gold price fell sharply,” the company said.
“Due to an extraordinary first quarter witnessed by jewellery business last year, the topline growth this quarter was tough. Regulatory pressures faced by the jewellery industry have amplified the challenge,” MD Bhaskar Bhat said.
