This is a representational image (Pic credit: Lexica)
BENGALURU: Jeweller and watchmaker Titan’s net profit dropped 25% to Rs 705 crore for the Sept quarter, compared to Rs 940 crore in the corresponding period last year. The decline was primarily attributed to a Rs 290-crore customs duty-related loss in the quarter. This followed FM Nirmala Sitharaman’s Budget announcement reducing total customs duty on gold from 15% to 6%.
“On account of the customs duty-related losses, as well as the need to invest in the growth of businesses, the profitability of Q2 was quite depressed. However, we are quite confident about the competitiveness of each of our businesses and we remain optimistic about our performance for the rest of the financial year,” Titan MD C K Venkataraman said.