Titan’s jewellery sales drop 10% in Q1 of FY’15

Tata Group’s Titan Company delving in jewellery and watch retail business recorded a declining performance of its jewellery unit in the first quarter of FY’15, which contributed resulted in a drop in its net profit, reports say. In the period, net profit slipped 3 percent to Rs.177 crore, while overall sales were lower by 7.6 percent (on y-o-y basis) to Rs.2853 crore, reports say.

The jewellery unit performance dropped 10 percent to Rs.2325 crore, while the watch segment grew 10 percent to Rs. 439 crore, reports say. The company noted that its jewellery business was hit by the government rules imposed on gold imports. Although it also noted that the consumer spend has been more stable in this quarter over the previous months, reports add.