Titan Q1 net down 2.85% at Rs 177.27 cr

Titan on Friday reported 2.85 per cent decline in net profit at Rs 177.27 crore for the first quarter ended June 30, 2014, due to lower jewellery sales.

The company had reported net profit of Rs 182.48 crore in the corresponding quarter a year ago.
Titan's net sales were at Rs 2,853.66 crore during Q1, 2014-15, down 7.58 per cent as against Rs 3,087.79 crore in the year-ago period.

“As expected the sales income for the company in Q1 dropped by 7.6 per cent largely on account of an unprecedented Q1 of 2013-14 which had witnessed a 47 per cent growth in the jewellery business last year when gold prices fell sharply,” Titan said in statement.

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