Titan Company shares tumbled as much as 6.45 per cent in the afternoon trade on Wednesday after the company reported 16.35 per cent fall in net profit at Rs 126.69 crore for the quarter ended June 30, 2016 against Rs 151.45 crore in the corresponding quarter last year. However, net total income from operations of the company increased by 3.32 per cent to Rs 2798.81 crore in the quarter under review against Rs 2,708.64 crore in the same quarter last year.
At 3.00 pm, shares of Titan Company were trading 1.46 per cent up at Rs 417.10. The scrip opened the day at Rs 425 and has touched a high and low of Rs 426.85 and Rs 396, respectively, in trade so far. Sensex was down 195.83 points at 27,785.88.
In a release, Titan Company said, “Retail sales during April-June period were adversly impacted by fewer wedding dates and a significant impact on revenues in the jewellery industry due to high gold prices.”
“The company has now set some plans to increase demand for all its product categories through innovative advertising compaigns and new product launches in coming quarters,” Titan said in the release.
During April-June quarter, total expenditure of Titan Company increased to Rs 2532.73 crore against Rs 2509.97 crore in the same quarter last year.