Titan's Stock Dips Despite Sales Surge

Shares of Titan fell nearly 2% after a reported 23% drop in consolidated net profit for Q2 2024. Despite an increase in sales, the company's net profit declined to Rs 704 crore from Rs 916 crore in the same quarter last year. Total expenses and income also rose.

Shares of the prominent jewellery retailer and watchmaker, Titan, dropped nearly 2% on Wednesday following the firm's announcement of a 23% decrease in consolidated net profit to Rs 704 crore for the second quarter ending September 2024.

On the BSE, Titan's stock dropped by 1.72% to close at Rs 3,177.50 apiece, after declining by as much as 3.69% during the day to Rs 3,113.65. Meanwhile, on the NSE, it dipped by 1.44% to Rs 3,183.55, reaching a low of Rs 3,114 during the session.

Despite this, Titan's sales increased by 25.82% to Rs 13,473 crore for the reviewed quarter compared to Rs 10,708 crore in the same period last year. The company's total expenses also saw a 20.23% rise to Rs 13,709 crore, while total income for the September quarter rose by 15.83% to Rs 14,656 crore, according to their latest regulatory filing.

(With inputs from agencies.)