Titan‘s share price slumped sharply just before market close on Thursday as the company posted its results for the quarter ended December.

What Happened: The Tata Group company’s standalone net profit for the October-December period stood at ₹1,040 crore, up 9.4% from the ₹951 crore profit posted in the same period last year. The number was below street estimates of around ₹1,120 crore.

Titan’s standalone revenue for the quarter came in at ₹13,071 crore, up around 22% from the ₹10,651 crore posted in the same quarter last year. EBIT for the period was at ₹1,478 crore, with an EBITD margin of 11.3%. The company’s EBIT margin in the previous December quarter stood at 12.5%.

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In the December quarter, the Jewellery segment’s total income surged by 23% year-on-year over to ₹11,709 crores, with the India business marking a commendable growth of 21% during the same period. The festive season witnessed robust double-digit buyer growth, supported by ongoing attractive programs, which sustained growth momentum despite the backdrop of high gold prices, the company said in a press release.

Furthermore, the Watches and Wearables business achieved a total income of ₹9,982 crores, reflecting a 21% YoY increase, with the domestic segment registering a notable 23% growth in the same period.

Price Action: Titan’s share price was down 1.96% to trade at ₹3,625.10 in the late hours of trading on Thursday.

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