In the early trading session on Monday, Titan Company’s stock plunged by over 7% after the company reported weaker-than-expected March quarter results.
After market hours on Friday, May 3, Titan reported a 5% year-on-year (YoY) increase in consolidated net profit, reaching Rs 771 crore for the quarter ending on March 31, 2024. Total income for the quarter also surged by 22% YoY to Rs 11,472 crore.
The company’s EBIT for the quarter experienced a 10% year-on-year (YoY) growth, reaching nearly Rs 1,192 crore. In the Jewellery segment, total quarterly income grew by 19% YoY, amounting to nearly Rs 8,998 crore, while the ‘Watches & Wearables’ segment saw its total income for the quarter stand at Rs 940 crore, marking an 8% YoY increase.
As of 1:35 PM, the shares were trading 7.11% lower at ₹3,282.75 on NSE.