Titan reported its earnings for the quarter ended September after market close on Tuesday. The company’s profit missed analysts’ estimates.

What Happened: The company's standalone net profit for the quarter under review stood at ₹705 crore, a 25% slump from the ₹940 crore posted in the same quarter last year. The company said that its bottom line took a hit mainly due to the impact of custom duty reduction.

The Tata Group company's revenue from operations went up 13.3% year-on-year to ₹13,215 crore, compared to the ₹11,660 crore posted in the corresponding quarter of the previous year. EBITDA for the quarter stood at ₹1,367 crore with an EBITDA margin of 13.6%.

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Analysts expected the company’s standalone revenue to come in at ₹13,217 crore with a net profit of ₹1,015 crore. EBITDA for the September quarter was seen at ₹1,531 crore.

For the jewellery business, total income for the quarter increased by 26% over the same quarter last year to approximately ₹10,763 crore. The India business grew by 25% during this period. EBIT stood at around ₹932 crore, achieving a margin of 8.7% for the quarter.

The watches & wearables business recorded a total income of ₹1,301 crore, reflecting a 19% increase over the same quarter last year. The domestic segment also grew by 19% in this period. EBIT came in at approximately ₹194 crore, with a margin of 14.9% for the quarter.

For the eyecare segment, total income for the quarter was approximately ₹201 crore, marking a 7% growth over the same quarter last year. EBIT stood at about ₹24 crore, achieving a margin of 11.9% for the quarter.

Price Action: Titan’s share price closed 0.26% higher at ₹3,230.25 on Tuesday.

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