New Delhi: The company had a net profit at Rs 215.09 crore for the same quarter in the previous year.
Its revenues declined by 1.5% to Rs 2,437 crore for quarter under review as compared to Rs 2,474.43 crore for the quarter ended March 31, 2015.
Titan’s jewellery sales, which contribute nearly 80% of its revenues, were affected by jeweller’s strike in March. Jewellers were on strike for most of March after government announced an excise duty in the Budget 2016.
Titan’s watches business recorded an income of Rs 1953.55 crore, a growth of 1.7% while the income from eyewear business was Rs 371.58 crore, posing a healthy growth of 11.8%.
Other businesses comprising precision engineering business, accessories and fragrances recorded a sale of Rs 235.17 crore, a growth of 1.3%.