Titan reported its earnings for the quarter ended June after the markets closed for the week on Friday.

What Happened: The company’s net profit for the quarter came in at ₹770 crore, down around 0.9% from ₹777 crore posted in the same quarter last year. The Tata Group company’s revenue from operations stood at ₹12,053 crore, up 8% from the ₹11,145 crore posted in the corresponding quarter of the previous year.

Analysts estimated the jewellery giant’s revenue to come in at ₹12,300 crore, with a net profit of ₹780 crore.

The Jewellery segment’s total Income for the quarter grew 9% year-on-year to ₹9,879 crores. The India business grew 8% in the same period. EBIT at ₹1,103 crore came at a margin of 11.2% for the quarter. The company said that a steep rally in gold rates, with a 20% increase over Q1FY24, combined with election-led restrictions in many markets, a limited number of wedding dates, and an unprecedented heat wave across the country, all contributed to a decline in overall consumer demand.

The Watches & Wearables business recorded a total income of approximately ₹1,021 crores, marking a 15% increase over Q1FY24. The domestic business grew by 14% during the same period. EBIT came in at ₹115 crores, achieving a margin of 11.3% for the quarter.

 During the quarter, Titan expanded its retail network significantly, adding 61 new stores, bringing its total to 3,096 stores.

Price Action: Titan’s share price was down 0.17% to close at ₹3,462.35 on Friday.

Read Next: Why Tata Motors Shares Are Tanking 4% Even Though Q1 Profit Beat Estimates