Titan Q3 net dips over 18% at Rs 165 crore

NEW DELHI: Titan Company today said its net profit dropped by 18.8 per cent to Rs 165.57 crore in the third quarter ended December 31, 2013, due to continued slowdown in the market.

The company had a net profit of Rs 203.92 crore during the same period of previous fiscal.

Net sales of the company declined to Rs 2,650.46 crore in the third quarter, against Rs 2,982.89 crore in the same period of previous fiscal, Titan Company said in a filing to the BSE.

"The sentiments in the market continue to be weak and the company witnessed an extremely poor retail-sales quarter for both its watches and jewellery businesses," Titan Company Managing Director Bhaskar Bhat said.

The impact of festive season this quarter was much below the company's expectations, he added.

The name of the company was changed from Titan Industries Ltd to Titan Company Ltd with effect from August 1, 2013.

Shares of Titan Company today closed at Rs 214.55 apiece on the BSE, down 1.06 per cent from its previous close.