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BENGALURU (Reuters) – Tata Group-owned Titan Co Ltd reported a 3.7% fall in third-quarter profit on Thursday as tepid demand for jewellery and higher expenses hurt margins.
Titan, which sells watches, eyewear and owns the Tanishq jewellery brand, said its profit fell to 9.51 billion rupees ($115.8 million) in the three months ended Dec. 31, from 9.87 billion rupees a year earlier.
Analysts, on average, were expecting Titan’s profit to rise to 10.35 billion rupees, according to Refinitiv IBES data. ($1 = 82.1280 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D’Souza)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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