Titan Shares Fall Amid Decline in Quarterly Net Profit

Shares of Titan fell nearly 3 per cent after the company reported a 5.42 per cent decline in consolidated net profit to Rs 715 crore for Q1 of FY2024. Despite a revenue increase in the jewellery segment, total expenses rose, impacting overall profits.

Shares of Titan fell nearly 3 per cent on Monday after the company reported a 5.42 per cent decline in consolidated net profit, amounting to Rs 715 crore for the quarter ending in June 2024.

On the BSE, the stock settled at Rs 3,374.20, down by 2.57 per cent, after touching a low of Rs 3,201.05, a 7.56 per cent drop during the trading day. Similarly, NSE prices for Titan shares declined by 2.35 per cent to Rs 3,380.85.

Despite an annual sales increase of 12.64 per cent to Rs 12,223 crore, Titan's total expenses rose 12.75 per cent, culminating in a net income boost of 11.44 per cent to Rs 13,386 crore. Notably, the jewellery business saw a 10.4 per cent revenue increase, reaching Rs 11,808 crore.

(With inputs from agencies.)