Titan Company's Titan Company, a retailer selling watches and jewelry, reported a decrease in its jewelry division's financial results for the first quarter of fiscal year 2015, which led to a drop in net profit for the reporting period, the Diamond World portal reported.
Net profit of Titan for the 1st fiscal quarter decreased by 3% to Rs 1 777 million, and total sales showed a decrease of 7.6% year-on-year, to Rs 28.53 billion.
The figures for the jewelry division of Titan indicate a 10% drop in sales to Rs 23.25 billion, while watch sales grew 10% to Rs 4.39 billion.
The company notes that its jewelry sales have subsided due to government policy regarding the import of gold. At the same time, it is reported that consumer spending in the reporting quarter was more stable than in the previous months.