The market has been expecting a lot from Titan while the company’s declared result have betrayed everyone’s expectation. While the market expected its net profit to rise by 21%, the company declared the drop in the same by 16.3%. The drop also took along Titan share price with it which was trading with a dip of almost 6%.
Financials:
Revenue: Company reported 3.6% growth in the revenue to Rs. 2782.50 crores from Rs. 2686.76 crores Q1FY16. The retail sales were adversely affected by fewer wedding dates and at the same time, high gold prices significantly impacted the revenues in the Jewelry segment.
Net profit: Company’s net profit dropped by 16.3% to Rs. 126.69 crores due to the Voluntary Retirement Scheme announcement for its employees during the quarter.
Watch Business: Watch segment recorded the growth of 14%. Income from watches went up to Rs. 491.72 from Rs. 485.17 crores.
Jewelry segment: The income from this segment stood at Rs. 2138.32 crores against Rs. 2072.91 crores, showing a growth of 3.2%.
Eyewear Business: This segment showed the growth of 2.7%, from Rs. 106.93 crores to Rs. 109.87 crores.
Other Segments: Company’s other businesses grew by a solid 36.2%.
Currently, Titan share price was trading at Rs. 418.95 by the drop of marginal 1.06% as the trade came towards the end. The stock touched the intraday high of Rs. 427 and the low of Rs. 395.30. The stock is identified by Dynamic Levels among top 500 performers. For more information on stock, check Titan share price forecast page of the website.
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