Shares of Titan Company plunged over 9 per cent to hit intraday low of
Rs 335 after the company post the market hours yesterday reported 4.19
per cent increase in net profit at Rs 215.09 crore for the fourth
quarter ended March 31, 2015.
The company had reported a net profit of Rs 206.44 crore in the corresponding quarter a year ago.
Titan's jewellery sales fell 15 per cent led grammage decline of 11 per cent. Sales of studded jewellery posted a flat growth of 15 per cent on a year-on-year basis while the watch sales grew at 2 per cent led by attractive pricing.
The results were blow the Street's estimates.
Commenting on the result, Bhaskar Bhatt, MD of Titan Company said, "Removal of golden harvest scheme (GHS) impacted the results in the fourth quarter and consumer sentiment was not strong during the quarter."
"Jewllery industry was hit as hopes of import duty cut by the government impacted earnings," added Mr Bhatt.
Reacting to this development, shares of Titan slipped 4.45 per cent to close at Rs 354. The trading volumes on the counter surged as 6,13,000 shares changed hands on the BSE compared to average of 80,000 shares traded daily in the past two weeks
The company had reported a net profit of Rs 206.44 crore in the corresponding quarter a year ago.
Titan's jewellery sales fell 15 per cent led grammage decline of 11 per cent. Sales of studded jewellery posted a flat growth of 15 per cent on a year-on-year basis while the watch sales grew at 2 per cent led by attractive pricing.
The results were blow the Street's estimates.
Commenting on the result, Bhaskar Bhatt, MD of Titan Company said, "Removal of golden harvest scheme (GHS) impacted the results in the fourth quarter and consumer sentiment was not strong during the quarter."
"Jewllery industry was hit as hopes of import duty cut by the government impacted earnings," added Mr Bhatt.
Reacting to this development, shares of Titan slipped 4.45 per cent to close at Rs 354. The trading volumes on the counter surged as 6,13,000 shares changed hands on the BSE compared to average of 80,000 shares traded daily in the past two weeks
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