New Delhi: Shares of Titan Company fell over 7 per cent on Monday, wiping Rs 22,527.56 crore off its market valuation, as the company's March quarter earnings failed to please investors.
The stock closed 7.18 per cent lower at Rs 3,281.65 on the BSE. During the day, it fell 7.87 percent to Rs 3,257.05.
It fell 7 percent to Rs 3,284 per piece on NSE.
The stock emerged as the biggest laggard on both BSE Sensex and NSE Nifty.
The market capitalization (mcap) of the company declined by Rs 22,527.56 crore to Rs 2,91,340.35 crore.
Titan Company on Friday reported 5 per cent rise in consolidated profit after tax at Rs 771 crore for the March quarter.
The company recorded a profit after tax (PAT) of Rs 736 crore in the year-on-year period.
Total income during the period under review increased to Rs 11,472 crore in the fourth quarter of FY 2022-23 from Rs 9,419 crore.
For the year ending March 31, 2024, the company posted a consolidated PAT of ₹ 3,496 crore compared to ₹ 3,274 crore in FY23.
Total income for FY24 stood at Rs 47,501 crore, up from Rs 38,675 crore for FY23.
According to a report by Emkay Research, "Titan's Q4 PAT missed estimates by 10-12 per cent due to 70-100 bps decline in jeweler margins and higher subsidiary loss."
The stock closed 7.18 per cent lower at Rs 3,281.65 on the BSE. During the day, it fell 7.87 percent to Rs 3,257.05.
It fell 7 percent to Rs 3,284 per piece on NSE.
The stock emerged as the biggest laggard on both BSE Sensex and NSE Nifty.
The market capitalization (mcap) of the company declined by Rs 22,527.56 crore to Rs 2,91,340.35 crore.
Titan Company on Friday reported 5 per cent rise in consolidated profit after tax at Rs 771 crore for the March quarter.
The company recorded a profit after tax (PAT) of Rs 736 crore in the year-on-year period.
Total income during the period under review increased to Rs 11,472 crore in the fourth quarter of FY 2022-23 from Rs 9,419 crore.
For the year ending March 31, 2024, the company posted a consolidated PAT of ₹ 3,496 crore compared to ₹ 3,274 crore in FY23.
Total income for FY24 stood at Rs 47,501 crore, up from Rs 38,675 crore for FY23.
According to a report by Emkay Research, "Titan's Q4 PAT missed estimates by 10-12 per cent due to 70-100 bps decline in jeweler margins and higher subsidiary loss."
