Titan‘s share price continued to go down for the third straight session on Thursday as the Tata Group company posted its earnings for the quarter ended June.

What Happened: The company’s net profits slumped 4% to ₹753 crore in the June quarter as against a profit of ₹785 in the same quarter last year. The company’s revenue from operations came in at ₹11,897 crore, up 26% from the year-ago period. The company’s topline beat analysts’ estimates of around ₹11,000 crore but the bottom line missed estimates of around ₹880 crore.

The jewellery segment’s revenue grew 22% year-on-year to ₹9,755 crore. Wearables saw revenue growth of 16.2% year-on-year to clock in ₹913 crore during the April-June period.

The company’s EBITDA went down 6% YoY to ₹1,125 crore. EBITDA margin was at 9.5%. Basic earnings per share for the quarter came in at ₹8.5.

Analyst Reaction: Jefferies maintained its “hold” rating for the stock with a price target of ₹2,650. The research firm said that the company’s margins were a negative surprise leading to the earnings miss. Morgan Stanley maintained its “equalweight” rating for the stock with a price target of ₹3,190. The firm also said that the company’s profits missed estimates by about 15%.

HSBC, on the other hand, maintained its “buy” rating for the stock with a price target of ₹3,580. The company said the Jewellery sales were impressive, and it maintained its positive stance on the stock given the strong growth outlook for the strong growth outlook.

Price Action: Titan’s share price was down %0.77 to trade at ₹2,954.15, at market open on Thursday.

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