As against a widely expected rise in net profit by most analysts, Titan yesterday announced a 11% (YoY) decline in net profit at Rs.419 crore on a 17% rise in revenue at Rs.7287 crore.

This fall in net profit was mainly on account of a one-time loss of Rs.137 crore which was on account of a scaling down of its subsidiary Favre Leuba. If Titan had not taken this loss, the net profit would have actually exceeded most estimates.

89% of its total revenue came from the jewellery segment and that showed a 22% rise and by 16% (excluding gold bullion sales). The Watches and Wearables and Eyewear divisions also did well with the recovery rate for the quarter being 88% and 93% respectively.

The recovery in the other segments of the Company comprising Indian dress wear and accessories was still slow and these divisions recorded an income of Rs. 36 crore compared to Rs. 50 crore in the previous year, a decline of 28%.

The market has not liked the performance and the stock opened in the red, going down over 3% to Rs.1515 and continues to hover around 1524 levels currently.