Titan shares fall over 2% after June quarter earnings

New Delhi: Shares of Titan declined by over 2 per cent in morning trade on Thursday after the company reported a 4.3 per cent drop in its consolidated net profit in the June quarter.

The stock went lower by 2.29 per cent to Rs 2,910 on the BSE after a weak beginning.

At the NSE, it dipped 2.25 per cent to Rs 2,910.

The stock was the biggest laggard among both the Sensex and Nifty firms.

In the equity market, the 30-share BSE Sensex traded 172.58 points lower at 65,610.20 and the Nifty quoted 42.65 points down at 19,483.90.

Leading jewellery and watchmaker Titan on Wednesday reported a 4.3 per cent drop in its consolidated net profit at Rs 756 crore in the June quarter.

The company posted a net profit of Rs 790 crore in the April-June period last fiscal.

However, its sales increased 20.9 per cent to Rs 10,851 crore during the quarter under review, as against Rs 8,975 crore in the corresponding quarter a year ago.

Titan's total expenses in the first quarter of FY24 stood at Rs 11,009 crore, up 30.82 per cent year-on-year.

Its total income in the June quarter rose 26.6 per cent to Rs 12,011 crore, including other operating revenues.