New Delhi: Shares in Titan Industries slipped to the day's low after the Tata Group firm missed Street estimates in the June quarter on the back of slower growth in the jewellery segment.
Titan said quarterly net sales rose 8.3 per cent to Rs 2,231 crore over Rs 2,044 crore in the last fiscal. Net profit rose 8.7 per cent at Rs 156 crore over Rs 143.5 crore last year.
Sales were expected at Rs 2,499 crore, while net was seen rising to Rs 171 crore according to a poll of brokers by NDTV Profit.
The jewellery business, which accounts for over three-fourth of Titan's revenues, grew at 7 per cent and contributed Rs 1,775 crore to the overall sales. This implies a 20 per cent volume decline in jewellery volumes.
EBITDA margins, a key measure of profitability, grew at 9.6 per cent against estimates of 9.5 per cent growth.
Among other verticals, sales of watches grew by 14 per cent at Rs 3,606 crore, while eyewear, precision and engineering revenues jumped 15.7 per cent.
Titan said quarterly net sales rose 8.3 per cent to Rs 2,231 crore over Rs 2,044 crore in the last fiscal. Net profit rose 8.7 per cent at Rs 156 crore over Rs 143.5 crore last year.
Sales were expected at Rs 2,499 crore, while net was seen rising to Rs 171 crore according to a poll of brokers by NDTV Profit.
The jewellery business, which accounts for over three-fourth of Titan's revenues, grew at 7 per cent and contributed Rs 1,775 crore to the overall sales. This implies a 20 per cent volume decline in jewellery volumes.
EBITDA margins, a key measure of profitability, grew at 9.6 per cent against estimates of 9.5 per cent growth.
Among other verticals, sales of watches grew by 14 per cent at Rs 3,606 crore, while eyewear, precision and engineering revenues jumped 15.7 per cent.
