Titan Shares Slump Over 5% as Q1 Lags Estimates

Titan Company shares fell over 5 per cent to a low of Rs 320.35 on Friday after the jewellery maker missed earnings estimates in the June quarter.
  Titan's Q1 profit dropped 15 per cent year-on-year to Rs 151 crore, while revenues declined 6 per cent year-on-year to Rs 2,687 crore. Analysts polled by NDTV had estimated Titan's net profit at Rs 196 crore and sales at Rs 2,916 crore.
  "Extremely weak consumer sentiment and absence of the golden harvest scheme in the jewellery (segment) hurt revenue in Q1," Titan said in a statement.
  Titan's jewellery business, which contributes around 80 per cent to the company's overall revenue, fell 11 per cent year-on-year to Rs 2,072 crore in Q1. However, its watches and eyewear business registered 9 per cent and 20 per cent annual growth respectively in Q1.
  Titan's operating profit fell 19 per cent to Rs 223 crore against Rs 274 crore year-on-year.
  Titan shares closed 4.47 per cent lower at Rs 323.65 apiece, underperforming the broader Nifty, which ended 1.32 per cent higher.