Titan Company’s performance in the quarter closing March 31, 2015 recorded a drop in revenues but a slight pick-up in net profits. Net sales dropped 11.3% year-on-year to Rs 2,474 crore but net profits rose 4.4 percent to Rs 215 crore, reports say.

The jewellery segment which constitutes about 74 percent of the company’s overall sales recorded 15 percent drop in sales. The company attributes this to the lowered consumer buying sentiments at the time as they awaited a customs duty cut, and the withdrawal of the gold harvest scheme. The scheme, according to the company could if active, have contributed to net sales touching 17 percent.

The watch unit of the company recorded 1.8 percent increase in sales on y-o-y basis to Rs 511 crore. The eyewear unit sales saw 19 percent increase over last year and achieved break-even in the quarter. Also, this business was expanded into the Sri Lankan market in the said quarter. The precision equipment segment’s sale grew 15 percent in the quarter, reports say.